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In May, the chemical market continued to face downward pressure, with over 40% of product prices declining. According to industry data, 44.1% of chemical products saw price drops, while only 16.2% experienced increases. The remaining 39.7% remained stable throughout the month.
Analyst Zhang Ming pointed out that weak demand remains a major challenge for the sector. He expects some products to enter an export-driven phase in the coming months, which could help stabilize the market. Based on current trends, the chemical market is likely to bottom out by late June or early July and could rebound during the third quarter.
The chemical industry index hit a new low in early May, falling further to 921 points on May 30. Several key products saw significant declines, including ammonium sulfate, n-butanol, crude oil, coking benzene, methanol, DOP, pure benzene, and urea. On the other hand, products like phenol, styrene, glyphosate, and others have maintained upward momentum for two consecutive months.
In certain sectors, production cuts and maintenance activities have led to lower operating rates, reducing supply and stabilizing prices. For example, propylene oxide and styrene plants entered their maintenance season in May, contributing to tighter supply conditions. In some industrial chains, cost pressures have started to influence pricing. This month, the rise in epichlorohydrin prices was largely driven by increasing costs of raw materials such as ** and propylene, pushing manufacturers to pass on these costs to downstream buyers.
With the market showing signs of stabilization and potential recovery, stakeholders are closely monitoring the situation, hoping for a stronger performance in the coming months.