机翻 · 通用领域
According to the Commodity Market Analysis System of Shengyi Society, the domestic PP market in China rose at a high level in March, and prices of various brand products fluctuated and increased. As of March 17th, the benchmark price for PP wire drawing offered by Shengyi Society was 8943.33 yuan/ton, with a year-on-year increase or decrease of 34.22% in price level.
price trend
In terms of raw materials:
International oil prices continue to rise at high levels due to transportation disruptions and cancellations of long-term contracts. The ongoing uncertainty in the current US Iran situation has raised concerns among industry players, providing strong support for the upstream of PP in the far end. In terms of propylene, it has followed the trend of upstream consolidation, coupled with the concentrated implementation of enterprise equipment maintenance, some equipment has reduced load operation, and the effective supply in the market has significantly decreased, highlighting the tight pattern of spot resources. At the same time, the arrival of propane at ports has decreased synchronously, resulting in high cargo prices, while the overall focus of spot prices remains unchanged. Overall, the prices of PP raw materials are positive, providing strong support for PP costs.
Supply side:
Since March, the maintenance of domestic PP enterprises has been slightly higher than the restart, and the overall operating rate has been reduced. As of the time of writing, the overall load level of the domestic industry has decreased by about 4% to 70%. Zhejiang Petrochemical, Maoming Petrochemical and other enterprises have implemented maintenance plans. The current weekly average total production is about 720000 tons, and the inventory position is close to 940000 tons. The on-site supply is generally abundant. Overall, the supply side’s support for spot prices is still acceptable.
In terms of demand:
Affected by high spot prices, the overall trading atmosphere in the downstream market of the industry in March was cautious. In the first ten days, some chasing orders were basically released, and the number of warehouse building operations decreased. At present, the market tends to be on-demand, with orders mainly fulfilled through refinery oversold contracts and scattered small orders. Some terminal small and micro enterprises have reduced production and stopped production due to high cost pressures, and the buyer camp has returned to calmness. The demand side generally supports PP.
Future forecast
In March, the domestic PP market prices in China rose at a high level. Fundamentally speaking, the industry load has been reduced, and the import of goods to ports has decreased. However, with a large base production capacity, inventory is currently accumulating at a high level. At the same time, the high cost pressure suppresses the demand of some small factories, and the comprehensive support of upstream raw materials on the cost side of PP remains strong. Therefore, the current PP market may still be primarily guided by cost, and it is recommended to closely monitor fluctuations in the crude oil market.

1、 Trend analysis
According to the monitoring of nickel prices by Shengyi Society, nickel prices have fluctuated widely this week. As of the weekend, the spot nickel price was 136250 yuan/ton, an increase of 0.86% from the beginning of the week and a year-on-year increase of 5.75%.
According to the weekly rise and fall chart of Shengyi Society, nickel prices have fallen 3 times and risen 8 times in the past 12 weeks, with nickel prices mainly fluctuating widely recently.
Nickel industry chain
Macroscopically, although the February US CPI data met expectations, the uncertainty of geopolitical conflicts has pushed up crude oil prices, becoming a “new variable” for inflation. As of March 15th, Brent crude oil prices have soared to $98 per barrel, up 23% from early February, directly driving up global energy costs. The US bond market took the lead in responding: the two-year US bond yield hit 3.632%, a new five month high; Federal funds rate futures show that the expectation of a rate cut in 2026 has plummeted from 41 basis points to 32 basis points, and the market has even postponed the next rate cut to September.
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.
On the demand side: There has been no significant improvement on the demand side, with downstream demand maintaining a pace of rigid procurement, and overall spot transactions being sluggish. The overall demand for downstream 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 better demand for alloys in military and shipping industries. In March, the stainless steel plant resumed production, but the current profit of the steel plant is low, and large-scale procurement has not yet begun after the holiday; The high price of MHP provides support for the cost of nickel sulfate, but the weak demand during the off-season is mainly due to fluctuations in nickel sulfate prices.
In summary, the recent increase in macroeconomic uncertainty overseas and the continued disturbance in the mining sector have supported prices due to the accumulation of contradictions in the raw material sector. The demand side has slightly improved, but high inventory still constrains prices. The bottom support is strong, but the continued upward drive needs to be further transmitted to the real end. It is expected that nickel prices will mainly fluctuate strongly.

In the first half of March, the price of industrial grade propylene glycol surged rapidly due to the resonance of the skyrocketing cost of epichlorohydrin, the urgent export demand of polyether, and the tight supply of spot goods; With the rise and fall of raw materials and the end of rushing orders, the market has now entered a stage of digestion and adjustment.
According to the Commodity Market Analysis System of Shengyi Society, as of March 12th, the average production price of propylene glycol in Shandong Province was 7300 yuan/ton, a significant increase of 22.01% compared to the beginning of the month.
driving factors
Cost side: Epoxypropane surged strongly, but recently surged and fell back
The raw material propylene oxide (PO) has seen a significant increase since early March. On March 12th, the reference price for PO in Shengyi Society was 10350 yuan/ton, an increase of 29.38% compared to the beginning of the month.
The sharp rise in international crude oil prices, the upward trend in propylene prices, and the partial decrease in PO units have led to a dual tightening of costs and supply. The cost pressure on propylene glycol enterprises has sharply increased, forcing them to significantly raise their quotations, becoming the core driving force behind this round of market trends. Yesterday, the PO market experienced a broad decline and entered a temporary period of consolidation.
Supply side: tight spot prices combined with manufacturers’ reluctance to sell, driving strong upward sentiment
The overall stability of the Shandong plant is high, but the spot circulation is tight, and some factories are reluctant to sell and hold back, exacerbating market tension. Due to low inventory levels in the early stage and rising costs, manufacturers have a strong willingness to push up prices, resulting in a continuous upward trend in quotes.
On the demand side: The last bus of tax refunds is concentrated in large quantities, and downstream high price resistance is evident
Polyether export rush: Affected by the cancellation of the export tax rebate policy for polyether polyols starting from April 1st, in the first half of March, the polyether factory maintained a high level of production to lock in tax rebates and concentrate on rushing export orders. The purchase of PO and propylene glycol for essential needs significantly increased, becoming the core driver of demand.
Limited domestic demand follow-up: industries such as unsaturated resins and coatings have seen a rebound in demand, but after rapid price increases, downstream resistance has quickly emerged, with low acceptance of high prices and light actual trading. Procurement is mainly focused on maintaining demand, limiting the room for growth.
Subsequent expectations weaken: After mid March, rush orders will basically end, and the operating rate of polyether may decrease. Propylene glycol procurement will return to rationality and small orders according to demand, and the demand side will shift from increasing to decreasing.
outlook for the future market
In the second half of March, the propylene glycol market will shift from a “unilateral rise” to a high-level decline and range oscillation pattern.
On the cost side, the rise and fall of epoxy propane have weakened the support for costs;
On the supply side: stable operation of the equipment, gradually loose availability of spot goods, and increased willingness of manufacturers to ship;
On the demand side, the rush for polyether tax refunds has ended, and there is a lack of follow-up in domestic demand, showing an overall trend of first increasing and then decreasing.
It is expected that the price of propylene glycol will experience short-term pressure and fall, entering a period of consolidation and oscillation. The focus will be on tracking the trend of epoxy propane, changes in polyether production, and the speed of factory inventory accumulation.

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.