Core Market Overview

According to data from SunSirs, as of April 7, 2026, the benchmark price for melamine stood at 9,650.00 RMB/ton—an increase of 2.39% compared to the beginning of April (9,425.00 RMB/ton). Last week, prices maintained a pattern of high-level consolidation and range-bound stability, with quoted prices remaining unchanged for several consecutive days; the market has now entered a phase of high-level maneuvering following the attenuation of upward momentum.

Key Market Drivers

1. Supply Side: Currently, the operating rate within the melamine industry remains at a high level of 68%–70%. However, manufacturers possess a substantial backlog of pending orders (covering the period from April to May), resulting in tight spot supply. Consequently, producers demonstrate a strong inclination to uphold prices—a key factor underpinning the maintenance of current high price levels.

2. Demand Side: Operating rates in downstream sectors—such as sheet metal and coatings—remain below 50%. Consequently, there is strong resistance to the current high price of 9,650 RMB/ton; purchasing is limited primarily to immediate necessities, new order volume has slowed, and the ability to pass on these elevated costs further down the supply chain is proving difficult. This constitutes the core pressure constraining any further price appreciation.

3. Cost Side: Raw material urea prices have continued to fluctuate at high levels; however, lacking sufficient upward momentum, the cost support provided to melamine has marginally weakened and is unable to provide additional impetus for further price increases. As of April 7, the benchmark price for urea—as tracked by SunSirs—stood at 1,857.50 RMB/ton, representing a 0.4% decline compared to the beginning of the month (1,865.00 RMB/ton).

4. Export Side: Export orders continue to provide some support; however, as the international market's tolerance for high prices declines, export volumes have retreated on a month-on-month basis, thereby diminishing their upward pull on domestic prices.

Market outlook

In summary, although the upward trend in the melamine market persists, prices have reached a zone of extreme risk. It is recommended to prioritize risk management and closely monitor for any signals indicating a price reversal at the market peak.

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