On March 11th, the domestic acrylonitrile market was basically stable. Today, the acrylonitrile market price in East China ports fell, and the mainstream self pickup reference price reached 10800-11000 yuan/ton, a decrease of 200 yuan from the previous trading day at the high end and an increase of 100 yuan at the low end; The reference price for mainstream negotiations in the Shandong region is around 10750-10850 yuan/ton, which is 150 yuan lower than the high-end price on the previous trading day, while the low-end price remains stable.
Analysis: The market believes that the Iran Israel conflict is expected to end faster than expected, coupled with the possibility of the G7 group releasing strategic reserves. International oil prices have fallen, and the price of raw material propylene has rapidly fallen to around 8800 yuan/ton, causing a wide range of cost fluctuations; The current operating load of the 400000 tons/year acrylonitrile plant at Zhenhai Refinery has dropped to around 80%, resulting in a decrease in supply; Market concerns still exist, and the main suppliers of acrylonitrile maintain their quotes. The listing prices of acrylonitrile products from Sinopec East China and North China are currently stable, at 10700 yuan/ton.
Prediction: The external situation is uncertain, and upstream products are affected by international oil prices, with prices fluctuating widely. Market concerns still exist, and the main suppliers of acrylonitrile maintain their quotes. The spot market is also mainly wait-and-see, and overall negotiations have limited fluctuations, with prices temporarily stabilizing and consolidating.

As of March 4th, the domestic epoxy chloropropane market has shown a strong upward trend. The mainstream price in Jiangsu has risen to 13000-13100 yuan/ton, an increase of about 100 yuan/ton. The core driving force behind this rise comes from strong support from the cost side and the linkage of downstream resin markets, but high prices have triggered cautious sentiment in downstream markets. According to the monitoring and analysis system of Shengyi Society, as of March 4th, the benchmark price of Shengyi Society’s epichlorohydrin was 13000 yuan/ton, an increase of 4.84% compared to the beginning of this month.
Price influencing factors:
On the raw material side, the main production process of epichlorohydrin (glycerol method) has strong cost support. As of the morning of March 4th, the price of 99.5% glycerol in East China remained at a high level, with delivery prices ranging from 9800-10000 yuan/ton. The high price of glycerol directly drives up the production cost of epichlorohydrin, which is the fundamental reason that forces manufacturers to transfer pressure by raising EPCH prices. The rise in raw material propylene prices has provided strong support for the market price of epichlorohydrin. According to the market analysis system of Shengyi Society, as of March 4th, the benchmark price of propylene in Shengyi Society was 6614.33 yuan/ton, an increase of 3.17% compared to the beginning of this month (6411.00 yuan/ton).
Demand side: Downstream resin prices are rising, driving the demand atmosphere. Recently, influenced by factors such as increased cost support and the escalation of the situation in the Middle East, the epoxy resin market has also continued to follow a broad upward trend. The rise in downstream resin prices has to some extent increased its acceptance and tolerance for upstream raw material price increases, forming a positive feedback transmission from top to bottom in the industrial chain. Despite the positive atmosphere, downstream companies have shown a clear cautious attitude towards the current high price of epichlorohydrin in terms of specific transactions, only maintaining small orders for essential needs and limited actual release of orders.
Market forecast: Analysts from Shengyi Society believe that the high cost side price support of epichlorohydrin is strong, and downstream resin prices are rising. They are cautious about high priced raw materials and mainly engage in small orders for essential needs. It is expected that the market price of epichlorohydrin will remain high in the later period, and more attention should be paid to changes in raw material prices and market supply and demand.

On March 9, 2026, the domestic energy and chemical sector experienced severe fluctuations. The main PTA contract opened at a limit up price of 6290 yuan/ton, reaching a high of 6316 yuan/ton during trading, with an increase of 7.01%. The trading volume quickly increased to over 1.12 million lots. The spot market followed the rise of futures, and the commodity market analysis system of Shengyi Society showed that on March 9th, the spot price of PTA in East China was 5857 yuan/ton, up 1.62% from the previous trading day.
The core driving force behind this market trend is the surge in crude oil prices caused by the escalation of the situation in the Strait of Hormuz. As a necessary passage for one-fifth of the global shipping of crude oil, the strait has fallen into a “soft blockade” due to geopolitical conflicts in the Middle East. Iraq has reduced production by 1.5 million barrels per day, and countries such as Kuwait have followed suit, causing international oil prices to skyrocket. On Friday, March 6th, NYMEX crude oil futures took the lead in a surge, with the active April crude oil contract closing up $9.89, a 12.21% increase, and settling at $90.90 per barrel. This week, the cumulative increase was $23.88, a 35.63% increase. Brent crude oil futures closed up $7.28 in May, an increase of 8.52%, with a settlement price of $92.69 per barrel, achieving a sixth consecutive trading day of gains and a cumulative increase of 27.2% this week. As the source of the PTA industry chain, crude oil directly increases the production cost of PTA. The cost increase caused by this geopolitical shock has built a solid bottom for PTA prices.
The rapid transmission of market sentiment and the synergistic effect of the industrial chain have accelerated the formation of the daily limit up. Upstream varieties such as crude oil and PX collectively hit the daily limit up, driving the overall sentiment of the energy and chemical sector to rise. PTA, as the core raw material of the polyester industry chain, is linked with downstream polyester and polyester varieties, and the sharp rise in upstream costs has triggered expectations of a rebound in the industry chain.
From the perspective of supply and demand, 2026 is the “production vacuum period” for the PTA industry. There is no new production capacity added domestically, and the existing effective production capacity is about 94 million tons. Some high cost equipment will be shut down for a long time, and the industry’s supply elasticity is extremely low. In March, some facilities were restarted, but the maintenance plans of major factories such as Yizheng Chemical Fiber offset the increase, and the actual supply is still in a tight balance state. Currently, the utilization rate of PTA production capacity in China is around 80%. However, there is a short-term contradiction of lagging terminal demand. Currently, it is in the post holiday resumption stage, and the comprehensive operating rate of the weaving industry in Jiangsu and Zhejiang is only 39%. The polyester load has recovered to around 83%, which is lower than the same period in previous years. Terminal orders have not yet been implemented on a large scale, and downstream enterprises have limited acceptance of high priced raw materials, which hinders cost transmission and creates a differentiation pattern of “strong cost, weak demand”.
Business analysts believe that in the short term, geopolitical risks will still dominate the PTA price trend. If the navigation in the Strait of Hormuz is not restored for a long time, cost support will continue to exist. With the arrival of the peak demand season, the acceleration of terminal resumption of work is expected to alleviate the supply-demand contradiction, and there is still room for PTA prices to rise. We need to be vigilant about the price correction after the easing of geopolitical risks, and focus on the progress of cross-strait navigation, the landing of equipment maintenance, and the pace of downstream order recovery.

1、 Trend analysis
According to the monitoring of nickel prices by Shengyi Society, nickel prices first fell and then rose this week. As of the weekend, the spot nickel price was 140633.33 yuan/ton, down 0.67% from the beginning of the week and up 8.98% year-on-year.
According to the weekly chart of Shengyi Society, nickel prices have fallen 4 times and risen 9 times in the past 12 weeks, with a slight correction in nickel prices recently
Nickel industry chain
LME nickel inventory
Macroscopically, ADP employment in the United States increased by 63000 in February, the largest increase since November 2025, exceeding market expectations of 50000, and weakening expectations of interest rate cuts; The situation in the Middle East remains uncertain.
Supply side: In February 2026, China’s refined nickel production was 32600 tons, a decrease of 7.45% month on month and 1.65% year-on-year. The estimated refined nickel production in China in March is 39430 tons, an increase of 20.95% month on month and 7.54% year-on-year.
In terms of demand, the overall downstream demand for electroplating is relatively stable, and it is difficult to see growth in the later stage; The demand for alloys still accounts for the majority, with good demand for alloys in military and shipping industries. Enterprises are buying at low prices, and the “Two Sessions” emphasize the long-term benefits of defense spending. Insufficient boost in demand for stainless steel terminals during the off-season, and steel mills still have some raw material inventory in the early stage, maintaining a wait-and-see attitude towards rising prices of raw materials; There is a strong demand for downstream ternary exports and pre holiday inventory preparation, but the purchase volume of nickel sulfate is still relatively small, and the market price of nickel sulfate remains stable with light market transactions.
News: Recently, the Indonesian Ministry of Energy and Mines has attracted market attention for its expected nickel ore production of 209 million this year. The target production is mainly based on historical estimates of actual production, which differs from the RKAB quota itself. In addition, APNI has stated that RKAB can add 30% in July, and will continue to pay attention to quota constraints in the future.
In summary, there has been an increase in macro uncertainty overseas in recent times, with continued disturbances in the mining sector and strong support from the raw material sector. Weak demand and high inventory are the main constraints, and strong bottom support but limited upward driving force. It is expected that nickel prices will remain in a range of fluctuations.

1、 Price trend
From March 1st to 5th, the cyclohexanone market in Shandong continued to rise, with the center of gravity of cyclohexanone constantly adjusting towards higher levels. Shandong’s major factories raised their prices by 950 yuan/ton on March 5th, driving the overall market trend to converge. On March 5th, the cyclohexanone market price in Shandong was around 8250-8350 yuan/ton.
2、 Analysis of Core Influencing Factors
Geopolitical disturbances drive up costs: The ongoing tension in the Middle East and high international crude oil prices have driven up prices of upstream raw materials such as pure benzene. Pure benzene is the main raw material for cyclohexanone, and the recent rise in pure benzene prices has provided cost support for cyclohexanone, driving up production costs and increasing the willingness of enterprises to adjust prices.
Improvement in supply and demand transmission: The tight supply and the rebound in demand form a combined force for price increases. At present, some cyclohexanone units have entered the maintenance period in March, and the effective supply in the market has decreased. The spot inventory is at a relatively low level, coupled with the gradual recovery of demand in downstream industries such as chemical fiber and coatings. The market’s expectations for the recovery of cyclohexanone demand have increased, boosting market confidence, and the market supply and demand situation has shifted towards a tighter direction.
3、 Future forecast
Currently, under the dual effects of cost support and tight supply, the price of cyclohexanone is expected to maintain a high level in the short term, and there is a possibility of further slight increases. In the long run, it is necessary to pay more attention to the progress of adding new production capacity and the recovery of downstream demand. If the pressure on the supply side increases, prices may face downward pressure.