I. Recent Market Price Movements
Business Society Spot Benchmark Price: As of February 4, 2026, the domestic melamine spot price was quoted at 5,712.5 yuan per ton.
Daily Increase: Up by 37.5 yuan per ton compared to the previous day, with a daily increase of 0.66%.
Recent Cumulative Increase: Starting from 5,637.5 yuan per ton on January 28, the price experienced two upward adjustments on January 29 and 30 before stabilizing, and rose again on February 3. Over the past week, the cumulative increase was 75 yuan per ton, representing a 1.33% rise.

From the perspective of the upstream and downstream sectors, this round of "steady, slight increase" is the result of short-term demand meeting long-term oversupply, with an unstable foundation.
Upstream (Cost): Weak support. The price of urea, the main raw material, remains sluggish, providing no upward momentum in production costs. On February 4, the Business Society urea benchmark price was 1,777.50 yuan per ton, down 0.28% compared to the beginning of the month (1,782.50 yuan per ton).
Midstream (Production): High pressure. Severe overcapacity in the industry is the fundamental issue, and any price increase is likely to be suppressed by ample supply.
Downstream (Demand): Short-term driving force. The seasonal restocking in the panel industry after the Spring Festival provides support, but this demand is temporary.

In simple terms: Downstream restocking has created a "window" for price increases, but the dual pressures of upstream costs and midstream overcapacity limit the room for price hikes and make sustainability difficult. The key to market trends lies in whether demand declines after the restocking period ends and whether there is substantial capacity reduction.

III. Comprehensive Market Analysis
In summary, the slight upward movement in melamine prices amid fluctuations reflects a certain level of market support. Manufacturers in different regions adjust their quotations flexibly based on their inventory, orders, and regional supply-demand conditions, with both increases and decreases observed, indicating that the market is not moving unilaterally.

This minor price increase is a short-term fluctuation. From an industry perspective, the melamine market has long faced fundamental challenges of continuous capacity expansion and overall oversupply, which restrict the potential for significant price increases.

Overall, the current market is experiencing short-term, regional, and modest price recovery within the broader context of long-term supply abundance.