Dimethylformamide (DMF) prices in China surged in early March as restocking by traders and processors collided with higher feedstock and logistics costs. The shift broke February’s flat pattern, aided by geopolitical tensions that tightened shipping routes and prompted buyers to secure cargoes ahead of the second-quarter demand. Restocking by pharmaceutical, polyurethane (PU) and agrochemical manufacturers lent support, while producers adopted more cautious offer strategies amid energy-market volatility and uncertain inbound supply. Market dynamics yielded mixed but mostly supportive demand: pharma and pharma intermediates remained a clear strength as firms build inventories, while PU resins and coatings and foams supported procurement for synthetic leather. Downstream leather-goods segments showed only moderate lift due to seasonal monsoon risks. Capacity expansion expectations are evident, but utilization remains near forty percent, implying a structural overhang versus short-term buying. Analysts project continued upside pressure in the near term, with March and April gains, a smaller May rise, and easing into June, then gains into late summer.
