According to the Commodity Market Analysis System of Shengyi Society, the domestic formic acid market has been operating steadily recently. As of April 1st, the average price of industrial grade 85% formic acid in China was 3325 yuan/ton, an increase of 12.7% from 2950 yuan/ton at the beginning of the year and an increase of 0.76% from 3300 yuan/ton in the same period last year, which is at a high level for the year.

In terms of cost: Upstream caustic soda prices were weak last week (03.24-03.30). According to monitoring data, the caustic soda price in Shandong at the end of the month was 907 yuan/yuan, a decrease of 3.1% from the beginning of the month.
Upstream liquid ammonia, caustic soda prices were weak last week (03.24-03.30). According to monitoring data, the price of liquid ammonia in Shandong region was 2729 yuan/yuan at the end of the month, a decrease of 5.32% during the week.
Market wise: Recently, the domestic industrial grade 85% formic acid market price has been stable. The prices of upstream raw materials such as liquid ammonia and caustic soda are running weakly, with little impact on the cost aspect. The shipment of enterprises is still acceptable. Downstream industries such as pharmaceuticals, rubber, leather, and pesticides purchase goods on a per order basis based on market demand, and the overall market prices are running steadily without significant fluctuations.
In summary, the domestic formic acid market has maintained stable operation recently. At present, the cost impact is limited, and downstream purchases are made on demand. Market transactions are still acceptable. It is expected that in the short term, the domestic industrial grade 85% formic acid market will remain stable, and more attention should be paid to downstream stocking demand.

1、 Price trend
According to the monitoring of the commodity market analysis system of Shengyi Society, the market price of isopropanol first rose and then fell in March, and overall the price fell. On March 1st, the average price of isopropanol in China was 6670 yuan/ton, and on March 31st, the average price was 6650 yuan/ton, a decrease of 0.3% compared to the beginning of the month.

In March, the market price of isopropanol first rose and then fell, indicating an overall decline in prices. In the first ten days of the month, the main factories in Shandong stopped production, and the ex factory prices increased. Confidence in the market improved, and holders of goods pushed up prices one after another. In the middle of the month, the price of raw material acetone fell, and there was a lack of confidence in the isopropanol market within the market. The trading atmosphere was poor, and holders offered discounts for shipments. In the latter half of the month, confidence in the market was average, cost support was insufficient, market enthusiasm was average, and the focus of negotiations was mainly on maintaining stability. As of now, most of the isopropanol market prices in Shandong are around 6550-6600 yuan/ton; Most of the quotations in the isopropanol market in Jiangsu and Zhejiang regions are around 6700-6750 yuan/ton based on market reference prices.
In terms of raw material acetone, the domestic acetone market price fluctuated and fell in March. On March 1st, the average price of acetone was 6477.5 yuan/ton, and on March 31st, the average price was 6152.5 yuan/ton, a decrease of 5.02% in price. 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. It is expected that the downstream acetone market will experience slight fluctuations in the short term.
In terms of propylene, the domestic propylene market fluctuated and fell in March. On March 1st, the market average was 6813.25 yuan/ton, and on March 31st, the average price was 6745.75 yuan/ton, a decrease of 0.99% in price. At present, there is a lack of positive news to boost the propylene market, and downstream consumers are adopting a wait-and-see approach and purchasing at lower prices according to demand. It is expected that propylene will experience weak fluctuations and consolidation in the short term.
3、 Future forecast
The isopropanol analyst from the Chemical Branch of Shengyi Society believes that the market price of isopropanol rose first and then fell in March. At present, the enthusiasm for downstream procurement is average, and actual market transactions need to be followed up. The confidence of holders is average, and on-site negotiations tend to be low-end. It is expected that in the short term, isopropanol will be more cautious and the market will be weak, with a focus on consolidation and operation.

According to the Commodity Analysis System of Shengyi Society, the styrene market continued to decline this week, with an average price of 8314 yuan/ton at the beginning of the week and 8260 yuan/ton over the weekend, a decrease of 0.65% during the week.

News: On March 27th, international crude oil futures closed higher. The settlement price of the main contract for WTI crude oil futures in the United States was $69.92 per barrel, an increase of $0.27 or 0.4%. The settlement price of the main Brent crude oil futures contract was $73.34 per barrel, an increase of $0.28 or 0.4%.
Cost wise: Pure benzene continued to decline this week, with increased supply from imported sources and weak downstream consumption, putting pressure on prices. Holders are actively shipping, while downstream demand for gas is average, and market prices continue to decline.
Supply and demand side: The negative impact of the styrene plant has led to a slight increase in production, while port inventory remains high and the market supply is sufficient. Downstream 3D companies face significant inventory pressure, resulting in limited demand growth due to profit sharing.
Styrene external market: On the 27th, the closing price of styrene in the Asian US dollar market rose by $10/ton, FOB Korea 960-970 USD/ton, CFR China 970-980 USD/ton.
Market forecast: Entering the maintenance peak season for styrene in April, supply is expected to tighten, but cost support is insufficient, which will constrain the styrene market. It is expected that styrene will experience narrow range fluctuations in the short term.

According to the Commodity Market Analysis System of Shengyi Society, the domestic natural rubber spot market has slightly declined since March. As of March 27th, the spot rubber market price in China’s natural rubber market was around 16556 yuan/ton, a decrease of 3.55% from 17166 yuan/ton at the beginning of the month. The downstream tire production in March has slightly increased compared to the end of February, providing support for the demand for natural rubber; The natural rubber raw material market has slightly fallen from a high level, and the cost of natural rubber still has support; With the gradual transition of natural rubber supply from low production period to high production period at home and abroad, the import volume of natural rubber to ports has increased, and the domestic natural rubber inventory continues to increase slightly, which has a negative impact on the natural rubber market.

At present, foreign natural rubber supply is gradually entering an increasing production period from a low production period. The Yunnan production area in China will be the first to enter a trial cutting period, while production areas such as Hainan, Vietnam, and northeastern Thailand in China will still stop cutting. The current price of natural rubber raw materials is still high, and it is expected to decline in the future. As of March 24th, the price of Thai glue was 68.00 baht/kg, a slight decrease of 3.55% from 70.50 baht/kg on February 26th.
The natural rubber inventory continued to increase slightly in March, which had a bearish impact on the natural rubber market. As of March 23, 2025, the total inventory of Tianjiao bonded and general trade in Qingdao area was 602300 tons, an increase of 3.06% from 584400 tons on March 2.
Since March, the overall production of downstream tires has remained stable, with demand facing the urgent support of the natural rubber market. As of March 21st, the operating load of semi steel tires in domestic tire enterprises is around 8.30%; The construction of all steel tires by tire enterprises in Shandong region has slightly increased to around 6.9% of the load.
Market forecast: The expected supply of raw materials from domestic and foreign production areas is gradually increasing, and the cost of natural rubber is expected to decline in the later period; Downstream production remains stable at a high level, providing essential support for natural rubber demand; However, the inventory at Tianjiao Port remains high and has recently shown a slight increase trend; Overall, it is expected that the natural rubber market will continue to decline slightly in the later period.

According to the Commodity Market Analysis System of Shengyi Society, as of March 27, 2025, the reference price of n-butanol in Shandong Province, China is 6650 yuan/ton. Compared with March 1 (reference price of n-butanol is 7133 yuan/ton), the price has decreased by 483 yuan/ton, a decrease of 6.78%.
From March to the present (3.1-3.27), the overall market situation of n-butanol in Shandong Province, China has shown a fluctuating downward trend. In the first half of the month, the focus of the n-butanol market continued to sink. On March 15th, the price of n-butanol in Shandong fell to the lowest point of the month, with a reference of 6640 yuan/ton, a decrease of 6.92% in the first half of the month. At the end of the month, there were sporadic improvements in inquiries about the low price of n-butanol, which slightly boosted the market situation. As the end of the month approaches, the price of n-butanol in Shandong’s major factories has once again declined, driving the market to converge downwards. As of March 27th, the reference price for n-butanol market in Shandong region is around 6550-6700 yuan/ton.
Analysis of Market Factors
Supply side: In March, there is a certain supply pressure on the overall supply side of n-butanol, and factories are actively shipping to maintain low inventory. The support performance of n-butanol from the supply side is poor.
In terms of demand: During the month, the overall performance of downstream demand for n-butanol was relatively weak, dragged down by demand, and the market fell to a low point, stimulating downstream demand to replenish on a small scale. However, overall demand stocking is still cautious, and the boost to n-butanol is still insufficient. In March, the overall supply and demand support of the n-butanol market showed weak performance.
Market analysis in the future
At present, the overall atmosphere in the n-butanol market is relatively weak. In the short term, there may be fluctuations in the supply side of n-butanol, but the demand side is in a stage of release, and the overall wait-and-see sentiment is still strong. According to the n-butanol data analyst from Shengyi Society, in the short term, the n-butanol market in Shandong region will mainly focus on interval consolidation, and specific changes in supply and demand news need to be closely monitored.

This week, the epoxy chloropropane market maintained stable operation. According to the monitoring and analysis system of Shengyi Society, as of March 26th, the benchmark price of Shengyi Society’s epichlorohydrin was 8850 yuan/ton, a decrease of -5.6% compared to the beginning of this month.

Price influencing factors:

Raw material side: The propylene market is showing a downward trend due to changes in supply and demand. According to the market analysis system of Shengyi Society, as of March 25th, the benchmark price of propylene in Shengyi Society was 6795.75 yuan/ton, a decrease of -0.26% compared to the beginning of this month (6813.25 yuan/ton). The glycerol market has experienced a narrow correction in price due to external and domestic demand, with a price drop of 1.94% compared to the end of last month.

Downstream demand side: The downstream epoxy resin industry has weak demand, and the overall market is mainly declining. The domestic epoxy resin market has a production capacity utilization rate of over 50%, and the supply remains normal. The decline in raw material prices, weak terminal demand, and the impact of individual plant shutdowns and production cuts have significantly suppressed the mentality of traders. The lack of active procurement has created negative constraints on the epoxy chloropropane market.

Market forecast: Business Society’s epoxy chloropropane analyst believes that the raw material side is declining and the cost support is insufficient. Part of the production enterprises on the supply side have shut down for maintenance, and coupled with weak downstream demand, traders’ purchasing mentality is not positive. It is predicted that the epoxy chloropropane market will continue to show a weak trend in the later stage, and more attention still needs to be paid to changes in market supply and demand.

According to the commodity analysis system of Shengyi Society, the market for hydrogen peroxide has steadily declined since March, with prices continuously decreasing. On March 1st, the average market price of hydrogen peroxide was 723 yuan/ton. On March 25th, the average market price of hydrogen peroxide will be 700 yuan/ton, a decrease of 3.23% in price.

Negative pressure on hydrogen peroxide market, weak decline

At the beginning of March, the terminal printing and papermaking industry had average terminal demand, and hydrogen peroxide manufacturers had weak pricing psychology. They lowered the ex factory price of hydrogen peroxide one after another, and the hydrogen peroxide market showed a weak decline. The average market price fell to 700 yuan/ton, and the price dropped by about 50 yuan/ton. The market transactions are average, and the sales are mediocre.

In the second half of the year, the terminal demand in the printing and papermaking industry was sluggish, and the operating rate of hydrogen peroxide manufacturers rebounded. Supply pressure remained, and hydrogen peroxide prices continued to bottom out. The average price in the domestic market fell to around 700 yuan/ton, with a price drop of about 50 yuan/ton. The hydrogen peroxide market continues to weaken, with average market transactions and upward pressure, constantly declining.

Business Society’s hydrogen peroxide analyst believes that in April, the demand for terminal printing and papermaking industry improved, and the pressure on hydrogen peroxide supply decreased. The hydrogen peroxide market is expected to rise in the future.

According to the Commodity Market Analysis System of Shengyi Society, the toluene market fluctuated downward from March 17 to March 24, 2025. On March 24th, the benchmark price of toluene was 6000 yuan/ton, and on March 17th, the benchmark price of toluene was 6070 yuan/ton, a decrease of 1.15%. This week, the crude oil trend first fell and then rose, with overall fluctuations and an upward trend. The demand for disproportionation and oil blending industries in Shandong region during the week is good, with overall low inventory and stable refinery quotations. The inventory in the East China region is still at a relatively high level, and market sentiment is weak. Overall, the toluene market has shown a stable to weak performance this week.

Cost aspect: Crude oil prices have fluctuated upwards during this cycle. As of the 21st, the settlement price of the main contract for WTI crude oil futures in the United States was $68.28 per barrel, an increase of $1.73 per barrel compared to the same period last week. The settlement price of the main Brent crude oil futures contract was $71.61 per barrel, up $1.73 per barrel from the same period last week.

Supply side: Sinopec’s toluene enterprise is operating normally, with stable production of equipment and many products for personal use, resulting in stable production and sales. As of March 24th, East China Company quoted 5850 yuan/ton, North China Company quoted 6000 yuan/ton, South China Company quoted 6050-6150 yuan/ton, and Central China Company quoted 6000 yuan/ton.

Demand side:

On March 24th, the price of xylene in the petrochemical sales company was temporarily stable, and the current execution price is 7600 yuan/ton. This price is implemented in East China, North China, Central China, and South China. Yangzi Petrochemical, Zhenhai Petrochemical and other units are operating stably, with normal sales, and the price is unchanged from March 17th. As of March 21, the closing prices of the xylene market in Asia were $817-819/ton FOB Korea and $842-844/ton CFR China, up $5/ton from March 14.

Market forecast: The crude oil market will rise slightly over the weekend, providing some positive support for the market. In terms of supply, the recent arrival situation in East and South China has been good, with overall high port inventory, which has a certain negative impact on the toluene market. In terms of demand, the demand performance in Shandong region is still acceptable, and prices within the region are relatively stable. The markets in East and South China maintain a high demand for replenishment, with average sales and an overall bearish demand side. Overall, the supply of toluene market has been relatively loose recently, and the spot market is slightly under pressure. It is expected that the market will mainly operate steadily and weakly in the short term.

According to the monitoring of the commodity market analysis system of Shengyi Society, as of March 21, the price of lead 1 # was 17385 yuan/ton, a decrease of 0.49% from the lead price of 17470 yuan/ton on March 17.

This week’s market analysis

This week, lead prices have been running at a high level, with a slight downward adjustment within the range.

Raw material end

Domestic mines have entered a seasonal maintenance period, resulting in a decline in production and a relatively tight supply of mineral resources. Although the maintenance of the primary lead refinery has ended and imported crude lead has arrived at the port, the situation of tight mineral resources has not been fundamentally alleviated, and there is no obvious sign of a decline in processing fees (TC). In terms of waste batteries, recycled lead refineries continue to operate at a high level, and the demand for waste batteries remains strong. Due to the bullish market sentiment, holders of goods are reluctant to sell, resulting in a tight supply of raw materials to refineries, and prices showing a trend of easy rise but difficult fall. The supporting effect of raw materials on lead prices remains strong.

Supply and demand side

The primary lead refinery continues to focus on restoring and increasing production, with slight fluctuations in operating rates; In the field of recycled lead, on the one hand, the supply of waste batteries is slightly tight, and on the other hand, many northern regions have issued heavy pollution weather warnings one after another this week. Environmental protection production restrictions have been implemented in some areas, and recycled lead refineries have actively responded by reducing production and stopping operations, resulting in a decline in operating rates. With the lifting of environmental warnings this week, it is expected that the operating rate will steadily increase, but the specific recovery situation still needs to be closely monitored based on the arrival of raw materials.

The terminal demand is average, and the traditional off-season has decreased. Dealers are more cautious in purchasing, especially electric bicycle battery dealers who actively maintain low inventory levels.

comprehensive analysis

The cost side is firmly supported, and lead prices continue to hover at high levels. However, spot market trading is slightly sluggish, and procurement demand is mostly concentrated in recycled lead. The strong willingness of native lead holders to deliver has led to a decrease in the supply of goods in the market. It is expected that lead prices will remain high and fluctuate in the short term.

1、 Price trend

According to the Commodity Market Analysis System of Shengyi Society, as of March 18th, the reference average price of 85% industrial grade phosphoric acid in China was 6760 yuan/ton, which is 0.60% higher than the reference average price of 6720 yuan/ton on March 11th.

2、 Market analysis

Market Aspects

The domestic phosphoric acid market prices have risen this week. As of March 18th, the ex factory price of 85% thermal phosphoric acid in Hubei region is around 6600-6900 yuan/ton, and the ex factory price of 85% thermal phosphoric acid in Sichuan region is around 6700-6900 yuan/ton. The domestic market price for 85% wet process phosphoric acid is around 6600-7100 yuan/ton.

In terms of cost

In terms of raw material yellow phosphorus. The yellow phosphorus market has strengthened this week, with prices continuing to rise. At present, the supply of yellow phosphorus in the market is tight, and manufacturers have raised prices, resulting in low market inventory. Downstream urgent replenishment requires cautious procurement. It is expected that the domestic yellow phosphorus price will remain strong in the short term.

Supply and demand side

The supply and demand balance in the phosphoric acid market this week. At present, the supply of phosphoric acid in the market is stable, with stable shipments on the demand side and downstream procurement based on demand. Expected to maintain a balance between supply and demand in the short term.

3、 Future forecast

Business Society’s phosphate analyst believes that the phosphate market has risen recently. The price of raw material yellow phosphorus has increased, leading to an increase in cost support. Some phosphoric acid companies have raised prices, but caution remains. It is expected that the domestic phosphoric acid market will remain stable with a moderate upward trend in the short term.