According to the Commodity Market Analysis System of Shengyi Society, as of April 10, 2025, the reference price of n-butanol in Shandong Province, China is 6583 yuan/ton. Compared with April 7 (reference price of n-butanol is 6783 yuan/ton), the price has decreased by 200 yuan/ton, a decrease of 2.95%.
This week (4.07-4.10), the n-butanol market in Shandong Province, China, experienced a downward trend. During the week, n-butanol factories in Shandong region lowered the price of n-butanol by 100-300 yuan/ton. The overall focus of negotiations in the n-butanol market in Shandong region has shifted downwards. As of April 10th, the reference price for n-butanol market in Shandong region is around 6500-6650 yuan/ton.
Analysis of Market Factors
In terms of supply and demand: At the beginning of the week, the overall supply pressure of n-butanol was still acceptable. With the impact of macro news, the market sentiment of n-butanol increased, downstream users were cautious in following up on new orders, and the inquiry atmosphere in the market was light. The demand support was poor, and the loose transmission of n-butanol supply and demand was hindered.
Market analysis in the future
At present, the overall support of the n-butanol market is insufficient, downstream users are operating rigorously, and some factories are actively shipping to maintain low inventory. The supply-demand contradiction in the market has increased. The n-butanol data analyst from Shengyi Society believes that in the short term, the n-butanol market in Shandong Province will mainly adjust and operate at a low level, and specific changes in supply and demand information need to be closely monitored.

Product Name: Pure Benzene
Latest price: On April 9th, the average market price was 6184 yuan/ton, a 5.55% decrease from the previous trading day.
Analysis: The price of pure benzene in the domestic market has fallen. Affected by the sharp drop in international oil prices and the downward trend of downstream styrene futures, the confidence in the pure benzene market is insufficient. Sinopec’s refineries in East and South China have lowered the price of pure benzene by 550 yuan/ton to 6200 yuan/ton, effective from April 8th. Shandong’s local refining enterprises continued to lower their quotations today, with active shipments from holders and a slightly average downstream demand for gas. It is expected that in the short term, the market will be filled with bearish sentiment based on the subsequent impact of current US tariff policies. Further attention should be paid to the direction of macro policies in the future.

After the Qingming Festival in April, the market price of epichlorohydrin weakened. According to the monitoring and analysis system of Shengyi Society, as of April 8th, the benchmark price of Shengyi Society’s epoxy propane was 7937.5 yuan/ton, an increase of 1.5% compared to early April.
Price influencing factors:
Supply side: Currently, there is ample supply of spot goods in the market, and some devices have maintenance plans in place.
Raw material side: The raw material propylene market has fluctuated and weakened, and cost pressure has eased to some extent. According to the market analysis system of Shengyi Society, as of April 7th, the benchmark price of propylene in Shengyi Society was 6823.25 yuan/ton, an increase of 1.15% compared to the beginning of this month (6745.75 yuan/ton).
Downstream demand side: The downstream market is mostly wait-and-see, with insufficient support from the demand side. The trading atmosphere is average, with a focus on on-demand procurement.
Market forecast:
Business Society’s epoxy propane analyst believes that the loose supply of epoxy propane has eased the pressure on the end market, and the downstream trading atmosphere is average, with on-demand procurement as the main focus and insufficient demand support. It is expected that the epoxy propane market will continue to fluctuate in the later stage, and more attention should be paid to changes in raw material prices.

On the early morning of April 3rd Beijing time, the United States announced a plan to impose equivalent tariffs, including a 34% increase in equivalent tariffs on China. Combined with two retaliatory tariffs of “10%+10%” implemented in February and March, the cumulative increase in tariffs on China is 54%, higher than market expectations. Although the tariff adjustment does not involve lithium carbonate, it is worth noting that it affects the terminal demand for lithium carbonate: the 25% automobile tariff imposed by the United States will increase the cost for Chinese new energy companies to enter the US market, and in the fields of power batteries and energy storage batteries, it may to some extent suppress the demand for lithium carbonate.
Affected by macro news, domestic lithium carbonate has continued to decline recently. As of April 7th, according to the commodity market analysis system of Business Society, domestic battery grade lithium carbonate is 72973 yuan/ton, a decrease of 1.25% from the previous trading day’s 73900 yuan/ton, and domestic industrial grade lithium carbonate is 71966 yuan/ton, a decrease of 0.32% from the previous trading day’s 72200 yuan/ton.
Fundamentally speaking, the situation of oversupply of lithium carbonate in China has not changed, and inventory is still accumulating. Traders are actively reducing inventory, further exacerbating the market supply-demand imbalance, and the overall supply capacity continues to be surplus. Under the dual effects of high inventory pressure and pessimistic market expectations, it is expected that lithium carbonate prices will continue to bottom out in the short term, and specific changes in market supply and demand need to be monitored.

According to the Commodity Market Analysis System of Shengyi Society, on April 3rd, the reference price of cyclohexanone in the domestic Shandong region was 8212 yuan/ton, which was basically the same as March 27th. Compared with March 1st, the reference price of cyclohexanone in the domestic market was 8925 yuan/ton, which was a decrease of 713 yuan/ton, a decrease of 7.98%.
From the commodity market analysis system of Shengyi Society, it can be seen that in the first week of April, the cyclohexanone market in Shandong Province, China, mainly showed consolidation and operation. Entering April, the overall fluctuation of the cyclohexanone market is not significant, and there is a certain wait-and-see sentiment in the market. As of April 3rd, the cyclohexanone market price in Shandong region is around 7950-8300 yuan/ton.
Market influencing factors
In terms of demand, downstream demand for cyclohexanone continues to slow down, overall downstream operating rates are not high, and new chemical fiber orders are showing cautious performance. The overall support provided by the demand side to the market is still weak.
On the supply side: Currently, the overall supply of cyclohexanone in the Shandong market is relatively abundant, with loose supply performance, providing limited support for the cyclohexanone market.
In terms of cost: In early April, the strong performance of the pure benzene market on the raw material side provided some support for the cost of cyclohexanone. As of April 3rd, the reference price of pure benzene was 6659.67 yuan/ton, an increase of 25 yuan or 0.37% compared to March 31st (reference price of pure benzene was 6634.67 yuan/ton).
Market analysis in the future
At present, the effective support within the cyclohexanone market in Shandong is still insufficient. The cyclohexanone data analyst from Shengyi Society predicts that in the short term, the domestic cyclohexanone market will continue to consolidate and operate, and specific changes in supply and demand information need to be closely monitored.

In March, the asphalt market first suppressed and then rose, with an overall decline. According to monitoring data from Shengyi Society, the ex factory price of heavy-duty asphalt # 70 in Shandong region was 3765 yuan/ton on March 1st, and as of March 31st, the ex factory price in Shandong region was 3675 yuan/ton, a decrease of 2.39% within the month.
In the first half of the year, crude oil continued to decline and the cost side was difficult to support. In the off-season of demand, the Shandong market continued to decline, and the asphalt market fell from a high level due to market competition for shipments. After the cost fell, refineries that reserved low-priced raw materials released an increase in contract volume for the far month, and the market continued to explore the bottom.
In the second half of the year, due to the rebound of crude oil and the low supply of asphalt itself, the futures and spot markets experienced a brief rebound, and spot support was still insufficient. The overall increase was limited, and the market ended in a downward trend in March.
From the perspective of Business Society, the current asphalt fundamentals have some support, but lack upward driving force. On the one hand, a slight increase in crude oil prices is an important driving force for asphalt prices. If crude oil experiences a slight decline, the futures asphalt market will inevitably follow suit. The US tariff policy has an impact on the economy and poses certain obstacles to the upward trend of crude oil. On the other hand, as demand enters the peak season, there may be an improvement in demand in the future, which will support the asphalt market. Overall, the short-term adjustment of asphalt is weak, while the long-term focus is still on the fluctuation trend of crude oil.

According to the Commodity Market Analysis System of Shengyi Society, the domestic TDI market prices have been fluctuating at a low level recently. Currently, the domestic TDI prices are around 11600-12000 yuan/ton, while the Shanghai prices are around 12000-12300 yuan/ton. The factory settlement prices have been gradually introduced, further suppressing market confidence. The market is in a situation of oversupply, and traders have a strong intention to sell at low prices. At the same time, demand is flat and transactions are low. It is expected that the TDI market will operate weakly at low prices in the short term.

Aluminum prices rose first and then fell in March
Aluminum prices first rose and then fell in March, and have recently experienced a slight decline. According to the Commodity Market Analysis System of Shengyi Society, as of March 31, 2025, the average price of aluminum ingots in the East China market in China was 20576.67 yuan/ton, an increase of 0.03% from the market average price of 20570 yuan/ton on March 1.
In the early stage, aluminum prices continued their strong trend from January to February. Recently, aluminum prices have slightly fallen, and the overall price is fluctuating at a high level.
Fundamental Overview
Beneficial factors:
1. Domestic macro positive news is frequent. The effects of the “two new” policies continue to be evident. In January and February 2025, the operating income of industrial enterprises above designated size will continue to improve, and the decline in profits will narrow. The profits of equipment manufacturing and raw material manufacturing industries will shift from decline to increase, and the efficiency of industrial enterprises will show a stable recovery trend. The manufacturing PMI has rebounded. On March 31st, the Service Industry Survey Center of the National Bureau of Statistics and the China Federation of Logistics and Purchasing released data that the Purchasing Managers’ Index (PMI) for China’s manufacturing industry rose to 50.5% in March, an increase of 0.3 percentage points from the previous month, indicating a continued recovery in the manufacturing industry’s prosperity level.
In February, the comprehensive PMI of the domestic aluminum processing industry rose to 61.6% and entered the expansion zone. Policy dividends and peak season effects promoted the recovery of aluminum consumption, and social inventories continued to decrease. As of March 31, 2025, the social inventory of electrolytic aluminum in the mainstream domestic market was 806000 tons, which is 77000 tons lower than the social inventory of 883000 tons on February 27.
Negative factors:
1. The cost side is dragging down, and the raw material alumina market is weakening in search of a bottom, with limited support from the cost side for aluminum prices. Global alumina spot prices remain in a downward trend, and the export window is currently closed. This week, the price of bauxite has slightly declined, and cost support has weakened again. Supply side maintenance and new production coexist, social inventory continues to increase, and the alumina market is weak.
2. The US tariff policy is fluctuating and the overall trend is not conducive to the export of the aluminum industry chain. According to the latest data from the General Administration of Customs, the cumulative export volume of unprocessed and rolled aluminum and aluminum materials in China in February 2025 was 408000 tons, a decrease of 9.53% month on month and 12.70% year-on-year; The cumulative export volume for the whole year of 2025 will reach 859000 tons, a year-on-year decrease of 11.0%.
Aluminum prices are expected to fluctuate widely in April
Short term fundamentals are supported, and we are observing the impact of macro factors. Long and short factors are intertwined, and it is expected that aluminum prices will mainly fluctuate widely in April.

According to the monitoring of the commodity market analysis system of Shengyi Society, the 1 # tin ingot market in East China fell this week (3.17-3.21), with an average market price of 281610 yuan/ton at the beginning of the week and 281440 yuan/ton at the end of the week, a weekly decline of 0.06%.
Fundamentally, the press conference of the State Council Information Office conveyed a positive signal of stabilizing the consumer market, and the central bank plans to introduce financial support policies to promote consumption expansion. As a result, market sentiment has shown a phased rebound trend.
On the supply side, the global mineral market continues to be disrupted. The resumption of production in the Wa State of Myanmar has not met expectations, and at the same time, the Bisie tin mine in the Democratic Republic of Congo has also suspended operations. The mine originally accounted for about 6% of the global tin supply, further exacerbating the tight situation of raw material supply. In China, the operating rate of refined tin in Yunnan and Jiangxi has dropped to 61.6%, and the recovery process of recycled tin is slow. The bottleneck problem of waste supply has not been effectively alleviated.
On the demand side, as downstream enterprises continue to resume work and production, the semiconductor industry is experiencing increasingly strong demand driven by AI technology. At the same time, the photovoltaic ribbon field continues to expand due to the continuous growth of green energy installed capacity. However, the high operation of tin prices has suppressed some purchasing demand, leading to a seasonal rebound in domestic inventory. As the news of tight supply from tin mines gradually digested by the market, tin prices have given up the previous emotional premium increase. In the spot market, some merchants maintain a cautious and wait-and-see attitude, with only a few making essential purchases.
This week, domestic inventory increased to 8605 tons, an increase of 84 tons.
It is expected that tin prices will show a weak and volatile trend in the short term.

This week, the epoxy propane market has been operating weakly and steadily. According to the Commodity Market Analysis System of Shengyi Society, as of March 27th, the benchmark price of Shengyi Society’s epoxy propane was 7987.5 yuan/ton, a decrease of -0.47% from the beginning of the month.
Price influencing factors:
Supply side: Currently, market inventory has decreased. Enterprises tend to have a strong mentality of supporting prices.
Raw material end: narrow amplitude oscillation of raw material propylene is the main factor. According to the market analysis system of Shengyi Society, as of March 26th, the benchmark price of propylene in Shengyi Society was 6783.25 yuan/ton, a decrease of -0.44% compared to the beginning of this month (6813.25 yuan/ton).
Downstream demand side: The downstream market is mostly wait-and-see, and the trading atmosphere is average. Due to the expected reduction in raw materials caused by the maintenance of epoxy propane units in some regions, the market’s purchasing enthusiasm has increased.
Market forecast:
An epoxy propane analyst from Shengyi Society believes that the inventory maintenance plan on the supply side of epoxy propane has led to a reduction in inventory, which still provides some support for market supply. However, the downstream trading atmosphere is generally average, with on-demand procurement as the main focus and insufficient demand support. Many companies are mainly pushing prices. It is expected that the epoxy propane market will continue to fluctuate in the later stage, and more attention should be paid to changes in raw material prices.