Price trend

According to the commodity market analysis system of SunSirs, as of February 25, the average price of high-grade DMF quoted by domestic DMF enterprises was 3,940 RMB/ton. The overall market supply exceeded demand, downstream demand was insufficient, and there was insufficient momentum for price increases.

Market analysis

Market Overview: Supply was ample, with overcapacity. Domestic DMF production capacity increased from 910,000 tons/year in 2021 to 1.77 million tons/year in 2025, an increase of over 94%. However, downstream demand growth was slow, leading to a long-term oversupply in the market. Although the industry's operating rate remained low at around 40%, inventory levels were still high, putting pressure on companies to ship their products. Weak downstream demand provided insufficient support. The largest downstream application for DMF was PU slurry (accounting for approximately 59%), used in consumer sectors such as bags, footwear, and apparel, and was significantly affected by the macroeconomy. Demand from industries such as electronics (20%) and pharmaceuticals (11%) was mainly driven by "essential needs," lacking the motivation for large-scale restocking. Overall demand exhibited a pattern of "weak peak season and even weaker off-season."

Market outlook

According to analysts at SunSirs, DMF prices are expected to remain stable in the short term, with limited fluctuations and a narrow range of price movements.

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