According to the monitoring of the commodity market analysis system of Shengyi Society, the 1 # tin ingot market in East China rose this week (3.24-3.28), with an average market price of 276960 yuan/ton at the beginning of the week and 279770 yuan/ton at the end of the week, with a weekly increase of 1.01%.
Fundamentally, on Friday, Myanmar was suddenly hit by an earthquake. Although the direct impact on local supply was relatively limited, it cast a shadow over the prospects of resuming production in the Wa State. At the same time, mines in the Democratic Republic of Congo have been shut down and urgently need minerals from Myanmar to fill the gap. However, the impact of this earthquake is difficult to accurately quantify. Once the mine is damaged and collapses, the resumption of production this year may be in vain, and the supply gap is expected to further widen. The import volume of tin ore in China is expected to experience a significant decline, and the tight supply of domestic tin ore is difficult to effectively alleviate. The production of refined tin may show a downward trend, and the weekly operating rate data of Yunnan refined tin has also confirmed this concern.
On the demand side, the operating rate of downstream tin and solder enterprises in December showed a month on month upward trend, reaching 76%; The operating rate of lead-acid batteries in February decreased to 58.6% month on month. In addition, PVC production achieved a year-on-year increase of 1.8% in January and February; The production of flat glass in December decreased by 1.2% year-on-year.
This week’s domestic inventory is 9225 tons, an increase of 650 tons; Spot premium of 150 yuan; LME inventory is 3050 tons, with a slight accumulation of global inventory.
comprehensive analysis
In the short term, the trend of tin prices is relatively strong. Pay attention to the news of Myanmar tin mine resuming production.

Price trend: narrow fluctuations, mixed ups and downs
According to the monitoring of the commodity market analysis system of Shengyi Society, on March 27th, the average price of dichloromethane (DCM) in Shandong Province was 2385 yuan/ton, a monthly decline of 5.73%, falling to the lowest point of the month, and showing an overall range oscillation pattern:
-On March 10th, it fell to the low point of 2400 yuan/ton in the first round of the month (-5.14% compared to the beginning of the month);
-On March 19th, it rebounded to a monthly high of 2575 yuan/ton (+1.78% compared to the beginning of the month).
Analysis of influencing factors
1. Supply side: Stable operating rate, periodic manifestation of inventory pressure
-The average operating rate of the methane chloride unit remains at 80%, with sufficient supply.
-The competition among enterprises has intensified, and the two rounds of bidding sales at the end of the month have suppressed prices. Currently, there is a wide downward adjustment, and market trading has increased. The short-term deep decline space is limited.

2. Cost side: Both raw materials methanol and liquid chlorine are rising
-Methanol: Affected by fluctuations in local facilities, spot prices have slightly risen to 2679.17 yuan/ton (+1.9% from the beginning of the month).
-Liquid chlorine: The maintenance plan for the alkali plant in April has increased, and the expected tight supply will support prices. However, downstream procurement is cautious, and the supply-demand game continues.
3. Demand side: Mainly focused on rigid procurement, with refrigerant demand providing support
-The overall demand in downstream industries is weak, and many companies are buying stocks at low prices, resulting in weak high price transactions.
-The refrigerant R32 market is strengthening, coupled with price adjustments by leading companies and the launch of long-term agreement negotiations in the second quarter, the industry’s prosperity is recovering, indirectly benefiting DCM prices.
4. Import and export: export surge, import low
-Export: Accumulated export of 31700 tons from January to February 2025, with a year-on-year increase of 34% (single month year-on-year increase of 74.9% in February), with strong external demand easing domestic supply pressure.
-Imports: The cumulative imports from January to February were only 24 tons, a year-on-year decrease of 64.3%, with a weak impact on the domestic market.
Future prospects
The current market is intertwined with long and short factors:
-Advantages: Support from raw material costs, rebound in refrigerant demand, and growth in exports;
-Negative: Loose supply, downstream high price resistance, inventory digestion still takes time.
Overall, the short-term price of dichloromethane may continue to fluctuate within a certain range. If exports continue to increase or costs continue to rise, the price center is expected to slightly shift upward.

1、 Price trend

According to data monitored by Shengyi Society, as of March 26th, the average price of industrial grade high-quality cyclohexane in China was 7600 yuan/ton. The cyclohexane market is mainly balanced in supply and demand, with insufficient downstream demand and a narrow and weak overall market operation. Currently, the mainstream market price remains at around 7700 yuan/ton.

2、 Market analysis

In terms of cost, there is insufficient support from the upstream cost side, weak demand for downstream procurement, and the overall market is running steadily with little price fluctuations.

3、 Future forecast

The cyclohexane analyst from Shengyi Society believes that the upstream cost support is poor and downstream demand is insufficient. It is expected that the cyclohexane market will remain stable in the short term.

1、 Market price trend

Under the influence of the supply-demand game, the price of acrylic acid in the market shows a trend of strong oscillation. Specifically manifested as:

1. Price fluctuations: The price of acrylic acid in the market exhibits a fluctuating pattern of ups and downs at different time periods. This price fluctuation reflects the complex changes in the market under the influence of various factors such as supply and demand, raw material costs, production capacity and supply and demand, as well as policies and regulations.

2. Overall trend: Despite fluctuations in market prices, the overall trend is stable with an upward trend. As of March 25th, the benchmark price of acrylic acid in Shengyi Society was 7475.00 yuan/ton, a decrease of -2.92% compared to the beginning of this month (7700.00 yuan/ton).

2、 Market supply and demand situation

1. Supply side: In the short term, some maintenance units have plans to restart next week, and the expected on-site supply will increase narrowly compared to the current situation. It is expected that the capacity utilization rate will increase narrowly, and the short-term spot supply will still be tight.

2. Demand side: Currently, with the rise of acrylic acid prices to a high level, downstream end users are mainly digesting contracts. However, the sustained high volatility of prices has forced some downstream companies to enter the market to replenish, and with some terminal factories reducing load or stopping operations, it is not ruled out that there may be the possibility of early stocking. The demand side is cautiously optimistic.

3、 Future prospects

With the expansion of production capacity in the acrylic acid industry, market competition will become more intense. Enterprises need to improve their market competitiveness through technological innovation, product structure adjustment, and other means.

With the increasing global emphasis on environmental protection and sustainable development, environmental requirements will become an important limiting factor for the development of the acrylic acid industry. Enterprises need to adopt environmentally friendly materials, optimize production processes, and other measures to reduce environmental pollution during the production process.

The collaboration and integration between upstream and downstream enterprises in the acrylic acid industry chain will be strengthened to enhance the competitiveness and profitability of the entire industry chain.

In summary, under the game of supply and demand, the acrylic acid market has shown a trend of strong oscillation in recent times. In the future, the acrylic acid industry will continue to maintain its growth trend, but market competition will also become more intense. Enterprises need to closely monitor market trends and actively respond to challenges posed by market competition and environmental requirements in order to achieve healthier and more sustainable development.

1、 Price trend

According to the commodity analysis system of Shengyi Society, the price of caustic soda has decreased this week. The average market price at the beginning of the week was 993 yuan/ton, and the average market price over the weekend was 963 yuan/ton, a decrease of 3.02% and a year-on-year increase of 14.1%. On March 23, the Business Social Chemical Index was 836 points, unchanged from yesterday, a decrease of 40.29% from the highest point of 1400 points during the cycle (October 23, 2021), and an increase of 39.80% from the lowest point of 598 points on April 8, 2020. (Note: The cycle refers to the period from December 1, 2011 to present)

2、 Market analysis

According to the commodity analysis system of Shengyi Society, the price of caustic soda has been running at a lower level this week. The price of caustic soda in Shandong region is around 900-970 yuan/ton in the mainstream market of 32% ion-exchange membrane alkali. The price of caustic soda in Jiangsu region is stable, with a mainstream market price of 980-1050 yuan/ton in 32% ion-exchange membrane alkali. The price of caustic soda in Inner Mongolia region is temporarily stable, with a mainstream market price of 3050-3150 yuan/ton (converted to 100%) in 32% ion-exchange membrane alkali. The overall price of caustic soda has fallen, and the main caustic soda inventory has accumulated. With the main regional liquid caustic soda procurement prices being lowered again. The main regional liquid alkali market has experienced a decline, and non aluminum demand is high, so it is necessary to wait and see. The market demand is average.

Business analysts believe that in recent times, the price of caustic soda has been declining, leading to significant inventory pressure for enterprises and average downstream demand. The comprehensive prediction of supply and demand game is that caustic soda will maintain a weak operating trend in the later stage, depending on downstream market demand.

According to the monitoring of the commodity market analysis system of Shengyi Society, as of March 14th, the price of 0 # zinc was 24216 yuan/ton, a slight increase of 2.36% compared to the zinc price of 23660 yuan/ton on March 3rd.

This week’s market analysis

This week, the trend of zinc prices is relatively strong. With the start of production by enterprises in March and the gradual recovery of output, zinc ingots have fluctuated and adjusted within the range, with an overall slight increase.

Raw material end

As the previously suspended mines gradually resume production, domestic zinc ore production has increased month on month, and the supply from the mining end remains loose. To repair profit margins, refineries continue to increase their processing fee (TC) quotes. At present, the domestic zinc ore price in March has significantly increased compared to the level in February. Refineries mainly purchase domestically produced minerals, and it is expected that processing fees will continue to rise in the future.

Supply and demand side

Since March, with the recovery of processing fees, the profit margin of refineries has been effectively restored, production enthusiasm has increased, and production has shown a steady increase trend. In terms of the end consumer market, with the continuous recovery of the economy and the gradual recovery of demand, the operating rate of galvanizing and zinc oxide sectors has significantly increased, and market activity has strengthened. However, in the field of die-casting zinc alloys, due to the high inventory levels of finished products in some large factories, in order to avoid inventory backlog and capital occupation, they have chosen to temporarily suspend production, which has to some extent affected the overall operating rate of the sector.

comprehensive analysis

The macroeconomic environment is showing a relatively warm trend, providing strong support for the zinc market and driving the zinc price center to gradually shift upward. However, considering the continuous improvement of processing fees (TC), the supply side shows an increasing trend, which will have a certain suppressive effect on zinc prices. With the gradual digestion of macro emotions, the market’s expectations for future zinc prices will also tend to be rational. It is expected that zinc prices will be under pressure in the short term.

1、 Price trend

According to data monitored by Shengyi Society, as of March 20th, the average price of industrial grade high-quality cyclohexane in China was 7600 yuan/ton. The cyclohexane market is mainly balanced in supply and demand, with insufficient downstream demand and a narrow and weak overall market operation. Currently, the mainstream market price remains at around 7700 yuan/ton.

2、 Market analysis

In terms of cost, the upstream cost side lacks support for cyclohexane, and downstream demand is insufficient. Currently, the overall market shipment is slow, and the upstream pure benzene market is mainly stable. In the short term, the pure benzene market is operating in a range of consolidation.

3、 Future forecast

The cyclohexane analyst from Shengyi Society believes that the upstream cost support is poor and downstream demand is insufficient. It is expected that the cyclohexane market will remain stable in the short term.

According to the Commodity Market Analysis System of Shengyi Society, the domestic adipic acid market has been continuously declining since March. On March 1st, the average market price of adipic acid was 8366 yuan/ton. On March 18th, the average market price of adipic acid in China was 7766 yuan/ton, a decrease of 7.17%.

Negative led domestic adipic acid market continues to weaken

Since March, the prices of pure benzene and cyclohexanone raw materials for adipic acid have been continuously declining, and the demand in the terminal industry is sluggish. The supply pressure in the adipic acid market has doubled, and the shipping prices of adipic acid manufacturers and traders have continued to decline. Market transactions are poor, and sales are average. The average market price of adipic acid has dropped to around 7700 yuan/ton, with an overall decrease of 500 yuan/ton.

An analyst from Shengyi Society believes that by the end of March, there will be little improvement in demand in the terminal industry, and the raw material market will continue to bottom out. The adipic acid market will continue to weaken in the future.

This week (3.8-3.14), Shandong dichloromethane first fell and then rose, with fluctuations consolidating. According to the Commodity Market Analysis System of Shengyi Society, on March 14th, the average price of dichloromethane water in Shandong Province was 2520 yuan/ton, with a weekly decline of 0.98%.

At the beginning of the week, dichloromethane companies in the Shandong market experienced a slowdown in shipments and an increase in inventory. Under the pressure of shipment, companies have reduced prices and promoted sales, which has eased inventory pressure. At the same time, the news of planned maintenance of enterprise equipment has triggered market sentiment fluctuations, creating a strong upward atmosphere in the region. On March 14th, the ex factory price of mainstream dichloromethane in Shandong region was around 2450-2520 yuan/ton.

Supply side: The equipment has started operating steadily, and it is reported that some enterprises in Dongying are about to reduce their production and burden, which will support price action. We need to pay attention to the follow-up dynamics.

Cost aspect: Domestic methanol market volatility consolidation. At the beginning of the week, some traders restocked and production enterprises limited their shipments, driving the rise of the mainland methanol market. However, downstream buyers remained cautious after the rise, and their willingness to purchase was average, which suppressed the market. As a result, the market negotiation atmosphere weakened and prices were running weakly. On March 14th, the spot price of methanol at Shengyi Society was 2628.33 yuan/ton, a decrease of 0.03% from the beginning of the week. The demand for liquid chlorine has improved, and Shandong’s liquid chlorine first fell and then rose during the week.

Demand side: Downstream is gradually recovering, with more emphasis on maintaining essential procurement. The refrigerant market has started to recover after entering March, and the operating rate of R32 production quota is expected to be 90%. The industry’s operating rate is expected to remain at a high level in April. The price of R32 still maintains a stable upward trend, which may drive the upward momentum of dichloromethane.

Business analysts believe that the favorable supply side supports the slow recovery of demand, and it is expected that the dichloromethane market will remain stable and gradually rise in the short term.

The domestic acetone market has continued to decline this week. The national acetone market reported an average price of 6310 yuan/ton on March 7th, but on March 13th, the acetone market fell to 6135 yuan/ton, a decrease of 2.77%.

The supply side is sufficient. With the arrival of imported and domestic trade ships to replenish, the inventory at Jiangyin Port increased to 32000 tons at the beginning of the week. As of the 13th, there are still 19000 tons in transit. In terms of domestic equipment, the Qingdao Bay phenol ketone plant has resumed normal operation, and the operating rate of domestic phenol ketone plants has increased. Currently, the operating rate of enterprises is at 75%, and manufacturers and traders are under pressure to ship, leading to a gradual decline in market quotations.

The raw materials are weak and declining. The weak downward trend of raw material pure benzene has significantly weakened cost support, exacerbating the market’s wait-and-see atmosphere and putting pressure on traders’ mentality, leading to a broad downward trend in the market. In addition, the replenishment sentiment of terminal factories is average, they tend to digest more contracts, and the demand is flat, which makes it difficult to support the market.

The acetone offers in major mainstream markets across the country on March 13th are as follows:

Region/ Quotation on February 28th/ Price range (3.7-13)

East China region/ 6050./ -150

Shandong region/ 6150./ -220

Yanshan region/ 6200./ -200

South China region/ 6120./ -100

The current market fundamentals have not changed much, with limited fluctuations in trader mentality, stable operating rates of phenol ketone factories, limited involvement of intermediaries, terminal demand follow-up, low inventory, and difficulty in actual trading volume. It is expected that the downstream acetone market will fluctuate.