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.

According to the Commodity Market Analysis System of Shengyi Society, the domestic price of lithium carbonate has been falling again and again recently. As of March 26th, the average price of battery grade lithium carbonate in China was 75200 yuan/ton, a decrease of 4.57% from 78800 yuan/ton at the beginning of the year and a decrease of 36.72% from 118000 yuan/ton in the same period last year; The average price of industrial grade lithium carbonate in China is 73300 yuan/ton, a decrease of 4.06% from 76400 yuan/ton at the beginning of the year and a decrease of 73300 yuan/ton from 108800 yuan/ton in the same period last year.

Supply side pressure remains high

The production of lithium carbonate continues to rise, reaching a nearly 5-year high.

Ore end: The resumption of mining operations by leading enterprises has led to an increase in production. Overseas mines are gradually arriving at the port, and the CIF price of Chinese spodumene and the spot price of African mineral ports have been continuously lowered.

Salt Lake End: The climate is warming up and entering a seasonal production cycle.

The marginal recovery on the demand side is limited in strength

Although the downstream production of positive electrode materials has performed well, the pressure brought by supply growth is still difficult to balance the supply growth rate, and spot market transactions are also relatively light. At the end of March, futures warehouse receipts will be centrally cancelled, further suppressing the spot market.

Importing low-cost resources continues to suppress domestic prices

In February 2025, the import volume of lithium carbonate was 12328 tons (month on month -38.73%, year-on-year+6.37%). Although the short-term import volume fell month on month, the suppression effect of low-cost resources on domestic prices will continue under the expansion cycle of overseas mines.

The data analyst of Shengyi Society believes that under the dual negative of high supply and weak demand, the rebound of lithium carbonate prices is weak, and it is expected to continue to fluctuate weakly in the short term.

1、 Price trend

According to data monitored by Shengyi Society, as of March 25th, the average quotation price of domestic high-quality DMF enterprises was 3220 yuan/ton. Currently, the DMF market price is mainly stable, and the price is mainly stable.

2、 Market analysis

Recently, DMF prices have remained stable and upward. Currently, there is a positive demand for DMF in downstream procurement, with downstream essential purchases being the main focus. The overall market supply and demand are balanced, with a narrow range of strong operations, with Jiangsu priced at 4200-4350 yuan/ton and Zhejiang priced at 4200-4350 yuan/ton.

3、 Future forecast

DMF analysts from Shengyi Society believe that the DMF market is expected to operate steadily with a moderate to strong trend in the short term.

According to the commodity analysis system of Shengyi Society, the overall domestic market for maleic anhydride rose in mid March. As of March 21, the average market price of n-butane oxidation maleic anhydride remained at 6670 yuan/ton, an increase of 1.06% from the price of 6600 yuan/ton on March 11.

On the supply side: The spot supply of maleic anhydride in the market is tight, and downstream unsaturated resin manufacturers of maleic anhydride are mainly operating steadily. Due to the slight increase in raw material prices, unsaturated resins have risen slightly, and replenishment of maleic anhydride is mainly needed for urgent needs. As of March 21st, the factory price of solid anhydride in Shandong region is around 7100 yuan/ton, and the factory price of liquid anhydride is around 6800 yuan/ton.

Upstream: Recently, the n-butane market has fallen first and then risen. As of March 21, the price in Shandong was around 5300-5350 yuan/ton.

Downstream aspect: Currently, unsaturated resin enterprises are mainly operating steadily, and unsaturated resin is urgently needed for downstream procurement, with limited support for unsaturated resin. Currently, unsaturated resin is replenishing the demand for maleic anhydride.

The analyst of Shengyi Society’s maleic anhydride products believes that the recent replenishment of downstream resin demand for maleic anhydride has basically ended, and new order signings are limited; At present, the stock of maleic anhydride is tight, and there is a limited supply of circulating goods. It is expected that the maleic anhydride market will continue to operate strongly in the near future.

According to the monitoring of the commodity market analysis system of Shengyi Society, the magnesium ingot market in Shaanxi region stopped falling and rose this week (3.17-3.21), with an average market price of 15766 yuan/ton at the beginning of the week and 15966 yuan/ton at the end of the week, an increase of 1.27%.

Supply and demand side

Due to the impact of previous magnesium plant shutdowns, the supply of magnesium in the market is currently at a low level. According to the latest statistics, it is expected that the production of raw magnesium in China will decrease by 20% to 25% month on month in the first quarter of 2025, with a decrease of over 30% in the Shenfu region. The market supply has significantly decreased, and the inventory of magnesium factories is mostly at a low level. Magnesium factories generally hold an optimistic attitude towards the future market, therefore their willingness to raise prices is strong and their actions are relatively consistent. In the situation where magnesium factories have a strong willingness to raise prices, it is difficult to see low-priced sources in the market.

demand side

At present, the demand situation in the downstream market remains relatively stable without significant fluctuations. On the application side, inventory levels are maintained at a low level, which means there is a good balance between market demand and supply. Enterprises make timely purchases based on market conditions, without large-scale panic buying or hoarding due to market fluctuations.

comprehensive analysis

In summary, magnesium prices have shown an upward trend this week, with a slight adjustment over the weekend. This fully reflects the bullish expectations of the upstream and downstream markets for the future of magnesium prices. In the short term, it is expected that more magnesium plants will alternate shutdowns and maintenance by the end of the month to maintain a supply level that matches downstream demand. Based on this, it is expected that magnesium prices will continue to maintain a strong and stable trend.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, the average price of ammonium sulfate in the domestic market on March 20th was 936 yuan/ton, which was 0.71% lower than the average price of 943 yuan/ton on March 14th.

2、 Market analysis

This week, the domestic ammonium sulfate market prices continued to decline. The operating rate of coking enterprises remains stable, while the operating rate of their own facilities has decreased. At present, there is insufficient market demand, and downstream procurement enthusiasm is poor, resulting in a decrease in trading in the ammonium sulfate market. The international market for ammonium sulfate is weak, which is bearish for the domestic market. As of March 20th, the mainstream ex factory quotation for coking grade ammonium sulfate in Shandong region is around 860 yuan/ton. Domestic grade ammonium sulfate, the mainstream ex factory quotation in Shandong region is around 940-970 yuan/ton.

3、 Future forecast

An ammonium sulfate analyst from Shengyi Society believes that the market price of ammonium sulfate has been weak and declining recently. At present, there is no positive news in the ammonium sulfate market, and the domestic and international demand situation is not good. Downstream procurement is cautious. It is expected that the domestic ammonium sulfate market price will continue to weaken and decline in the short term.

According to the monitoring of the commodity market analysis system of Shengyi Society, the average price of LLDPE (7042) was 8196 yuan/ton on March 13th and 8130 yuan/ton on March 19th, a decrease of 0.81% during this period. LDPE (2426H) had an average price of 10000 yuan/ton on March 13th and 9800 yuan/ton on March 19th, a decrease of 2.00% during this period. HDPE (2426H) had an average price of 8437 yuan/ton on March 13th and 8420 yuan/ton on March 19th, a decrease of 0.41% during this period.

Affected by the progress of the Russia Ukraine peace talks and the easing of the situation in the Middle East, international crude oil is showing a volatile pattern, and the polyethylene market trend is weak due to the drag of crude oil costs. There is sufficient supply of products on site, but the market mentality is bearish. Manufacturers and traders tend to lower prices for sales. In March, agricultural film entered the peak season. Although downstream production increased and the order volume was relatively low, the overall demand was lower than expected, and the peak season was not strong, with limited support.

The supply side has sufficient inventory at a high level, and there is significant pressure to reduce inventory; The downstream procurement mentality is cautious, and the replenishment efforts are insufficient. It is expected that polyethylene will mainly operate weakly due to fluctuations.

This week, the average price of acrylic acid in the mainstream national market has shown an upward trend recently. As of March 18th, the benchmark price of acrylic acid in Shengyi Society was 7475.00 yuan/ton, an increase of -0.33% compared to last week (7450.00 yuan/ton).

The operating level of the acrylic acid industry remained at around 70% this week, a decrease from the previous week. This is mainly due to some acrylic acid units undergoing maintenance or load reduction production. The maintenance and load reduction of these devices have led to a decrease in the supply of acrylic acid.

In addition, changes in the price of raw material propylene have also had a significant impact on the market price of acrylic acid. Propylene is the main raw material for the production of acrylic acid. When the price of propylene rises, the production cost of acrylic acid also increases, which in turn drives up market prices. This cost driven price increase mechanism is particularly evident in the acrylic acid market. As of March 18th, the benchmark price of propylene in Shengyi Society was 6910.75 yuan/ton, an increase of 1.43% compared to the beginning of this month (6813.25 yuan/ton).

Looking ahead to the future, it is expected that the acrylic acid market will continue to maintain a strong operating trend. On the one hand, there are still issues with the shutdown and maintenance of supply side equipment, and the supply of spot goods is becoming increasingly tight; On the other hand, the intention of companies to push up their offers is still strong, and the social inventory of spot goods is limited. Under the combined action of these factors, the price of acrylic acid market will continue to rise. However, it should also be noted that the slow follow-up speed of downstream demand and the sales pressure of holders may have a certain impact on the market. Therefore, the specific increase needs to pay attention to the increase in market demand and downstream industry orders.

In summary, the continued upward trend and strong operation of the acrylic acid market this week are mainly due to tight supply. The future market trend still needs to closely monitor changes in supply and demand relationships as well as the dynamics of upstream and downstream industrial chains.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, the average price of ammonium sulfate in the domestic market on March 14th was 943 yuan/ton, which is 2.75% lower than the average price of 970 yuan/ton on March 10th.

2、 Market analysis

This week, the domestic ammonium sulfate market continued its weak trend from last week, with prices continuing to decline. The operating rate of coking enterprises remains stable, while the operating rate of their own facilities has decreased. With the continuous decline in ammonium sulfate prices, the market’s mentality of buying up and not buying down has increased, and new orders in the market have decreased. Downstream urgent need for replenishment, insufficient purchasing intention. The international demand for ammonium sulfate has decreased, and negative factors have increased. As of March 14th, the mainstream ex factory quotation for coking grade ammonium sulfate in Shandong region is around 860 yuan/ton. Domestic grade ammonium sulfate, the mainstream factory price in Shandong region is around 950-990 yuan/ton.

3、 Future forecast

An ammonium sulfate analyst from Shengyi Society believes that the market price of ammonium sulfate has been weak and declining recently. At present, the domestic and international market demand for ammonium sulfate is poor, and downstream inquiries have decreased, resulting in limited market transactions. Under the influence of negative factors, it is expected that the domestic ammonium sulfate market prices will continue to decline in the short term.