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.

1、 Price trend

According to the monitoring of the commodity market analysis system of Shengyi Society, the PVC spot market fluctuated within the range this week (3.10-14), and the price performance was weak. As of Friday, the average price of SG-5 PVC carbide method in China was 4952 yuan/ton, with a decrease of 0.73% during the week.

2、 Market analysis

This week, the PVC range fluctuated narrowly, with weak prices. Some manufacturers made downward adjustments within the week, with a range of around 50 yuan/ton. The main reason is that there is not much positive news on the fundamentals, and crude oil prices have shown weak performance, leading to a decline in the futures market. PVC prices have returned to a weak trend, with a slight downward shift in the overall range. From the perspective of supply and demand fundamentals, the spot PVC market has shown loose supply and demand, and most manufacturers are operating stably. The supply pressure has not changed much, dealers’ offers are generally weak, downstream demand performance is insufficient, downstream procurement is mainly based on spot prices, inquiry and procurement enthusiasm is not high, and the market atmosphere is sluggish. The hanging order price is relatively low. Overall, it is still mainly driven by basic needs, and the trading atmosphere is average. As of now, the quotation range for PVC SG5 electric aggregate in China is mostly around 4800-4900 yuan/ton.

In terms of upstream calcium carbide, since February, the market price of calcium carbide has continued to fluctuate and decline. This week, the price has shown a stabilizing trend, and according to the commodity analysis system of Shengyi Society, it has risen by 0.64% this week. But the price is still relatively low, which has limited support for PVC.

3、 Future forecast

The PVC analyst from Shengyi Society believes that the PVC spot market is experiencing weak growth and will continue to return to a weak trend, mainly due to insufficient downstream operating rates and average demand. Market transactions are expected to be difficult to improve in the near future, and PVC prices are expected to maintain a range adjustment pattern next week.

According to the Commodity Market Analysis System of Shengyi Society, the ex factory price of ethyl acetate in China was 5650.00 yuan/ton on March 12th, an increase of 0.65% compared to the beginning of the month price of 5613.33 yuan/ton. Cost support is favorable, downstream market entry actively follows up, on-site transactions increase, and the price of ethyl acetate stabilizes and rises.

Market analysis: Since March, the market for ethyl acetate has been relatively strong and consolidated. On the raw material side, the price of acetic acid continues to rise, providing favorable cost support; On the demand side, downstream procurement is steadily following up on demand, and enterprise shipments are relatively smooth. Business owners have a positive attitude, and the focus of ethyl acetate transactions is strong and upward.

In the future, the trend of ethyl acetate raw materials is relatively strong, and the cost boost is favorable. The supply side and market capacity utilization rate have not changed much, and downstream demand follows suit. The market trading atmosphere is good, and it is expected that the price of ethyl acetate will be strong in the short term. Please pay attention to the changes in upstream market conditions and downstream follow-up situation.

Product Name: Pure Benzene

Latest price: The average market price on March 12th was 7101.33 yuan/ton, a decrease of 0.65% from the previous trading day.

Analysis: Today, the price of pure benzene in the domestic market continues to decline. The price of pure benzene has decreased in the external market, and the bearish sentiment within the market continues, resulting in insufficient demand for essential goods. Shandong’s local refining enterprises have poor shipments, downstream procurement has lowered prices, and market prices have once again decreased. The East China market followed suit and weakened. Overall, the confidence in the pure benzene market is weak, and the atmosphere in the market is sluggish. It is expected that the pure benzene market will operate weakly in the short term, and actual transactions will be discussed on a case by case basis.

According to the Commodity Analysis System of Shengyi Society, since March, the palm oil market has been dominated by bearish sentiment, with a fluctuating downward trend. On March 1st, the average market price of palm oil was 9810 yuan/ton, and on March 11th, the average market price of palm oil was 9700 yuan/ton, a decrease of 1.12%.

Negative led palm oil market oscillation and downward trend

At the beginning of March, Malaysia’s palm oil export data declined, domestic palm oil terminal demand was sluggish, market transactions were average, and multiple negative factors dominated. The domestic palm oil futures market fell and rose, with the overall decline being the main trend, while the spot market followed suit and weakened. As of March 11th, the domestic palm oil market price has fallen to 9700 yuan/ton, a decrease of 100 yuan/ton from the beginning of the month.

The palm oil analyst from Shengyi Society believes that in mid March, the estimated palm oil production in Malaysia is still at a low level, and external bullish factors are still present. The domestic palm oil market is still expected to see an upward trend in the future.