SunSirs: Downstream Demand Was Insufficient, and DMF Prices Were Mainly Stable
February 26 2026 09:02:09 SunSirs (John)
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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- 2026-04-16 SunSirs: In Early April, DMF Supply Was Tight, and Prices Trended Upward
- 2026-03-31 SunSirs: The Center of DMF Market Negotiations Shifted Upward
- 2026-03-26 SunSirs: The DMF Market Was Primarily Trending Stronger
- 2026-03-24 SunSirs: DMF Is Primarily Trading Within a Volatile Range, with Limited Upside Potential
- 2026-03-02 SunSirs: Oversupply, the DMF Market Was Largely Stable with Minor Fluctuations
