Introduction: Recently, domestic rosin prices have experienced consecutive declines, with costs significantly decreasing. Coupled with rosin resin producers focusing primarily on fulfilling existing orders, spot prices have followed a downward trend.

During the week, rosin prices fell by 200–700 yuan/ton, while related petroleum resin prices remained in the range of 16,000–17,500 yuan/ton, with overall supply continuing to be tight. However, the sharp drop in international oil prices last Wednesday and Thursday led to weaker raw material costs and reduced purchasing interest from end-users. Bearish sentiment is gradually emerging among downstream buyers, with some small and medium-sized clients significantly cutting procurement of high-priced raw materials to mitigate risks. The previous speculative atmosphere in the rosin market has dissipated, shifting toward demand-driven dynamics. At the beginning of the week, there was a strong inclination to support prices, but by the latter half, some market participants adjusted their stance, showing increased willingness to sell at higher levels, while others actively offloaded inventory. As a result, negotiated prices subsequently declined by 200–700 yuan/ton, with masson pine rosin prices following suit. Rosin resin producers have orders scheduled through May, focusing on delivery. Since prices were largely locked in from late March to early April, and end-user demand has softened, spot transaction volumes have decreased. Additionally, with the significant drop in raw rosin prices, rosin resin prices have begun to loosen.

C5 petroleum resin for adhesives saw a price increase during the week, driven by a supply reduction of 3,000 tons in April, capacity exits both domestically and internationally, and a price differential of 3,000–4,500 yuan/ton compared to hydrogenated petroleum resin. The tight supply situation is unlikely to ease in the short term. Although procurement by downstream adhesive plants has declined, manufacturers' spot inventories remain low, providing some support for rosin resin prices.

Comparing rosin resin trends over the past two years, prices have largely fluctuated in line with rosin. This month, the sharp rise in rosin prices drove rosin resin prices upward, coupled with active procurement by end-users, leading to a slight increase in profits in April.

Overall, with low rosin production limiting significant downside price movement, limited correction in high glycerol prices, rosin resin producers focused on order fulfillment, firm C5 petroleum resin prices, and a price gap of 2,500–4,000 yuan/ton compared to hydrogenated petroleum resin—along with some substitution by certain rosin resin grades—rosin resin prices are expected to continue adjusting in line with rosin prices, though the anticipated decline is likely to be modest.