According to the monitoring of the commodity market analysis system of Shengyi Society, the magnesium ingot market in Shaanxi Province rose this week (3.31-4.3), with an average market price of 16925 yuan/ton at the beginning of the week and 16950 yuan/ton at the end of the week, an increase of 0.15%.
Supply and demand side
Affected by the environmental inspection news, enterprises that have taken measures to suspend production or reduce output in the early stage are generally adopting a wait-and-see attitude and unwilling to easily resume work and production. Meanwhile, the number of enterprises choosing to shut down for maintenance has increased. The inventory of various factories is generally at a low level, and they have concerns about the direction of future production. Therefore, in terms of prices, they have shown a highly consistent and firm willingness to raise prices.
This week, the main changes have occurred among manufacturers in Shaanxi. Some manufacturers have already implemented production reduction measures, while others are planning to reduce production.
The export quotation of magnesium ingots closely follows the rise in domestic market prices, but overseas buyers hold a reserved attitude towards high prices, and the number of inquiries has significantly decreased recently. In this context, some exporters choose not to quote temporarily to observe market trends. Due to the continued strength of domestic factory quotations, the profit margins of exporters are constantly being squeezed. In addition, with the recent tightening of buy and sell reviews, both buyers and sellers have adopted a cautious attitude, holding onto the currency and waiting for market changes. Until the last day of this week, there was a pullback in export prices.
Raw material end
Although the prices of raw materials such as ferrosilicon and coal have fluctuated recently, overall, the smelting cost remains within a controllable range, so factories lack the motivation to continue maintaining high prices.
comprehensive analysis
In summary, as manufacturers gradually implement production reduction plans and the supply side shrinks, market expectations before Qingming Festival will remain relatively stable and will not experience significant fluctuations. It is expected that in the short term, the domestic magnesium ingot market will continue to be dominated by the current price range, with slight price fluctuations and overall stable operation.

1、 Price trend
According to the commodity analysis system of Shengyi Society, the price of light soda ash decreased on March 31st, with a market average price of 1470 yuan/ton, a decrease of 0.68% compared to the previous trading day’s price of 1480 yuan/ton, and a decrease of 1.87% compared to the beginning of the month.
2、 Market analysis
On March 31st, the soda ash market weakened and declined. On the demand side, the terminal market is weak, with a focus on entering the market and observing, resulting in insufficient support for soda ash; On the supply side, some enterprises have increased their load, resulting in an increase in the operating rate of soda ash. The market supply of goods has risen, and there is a clear trend of oversupply in the market. Under the game of supply and demand, soda ash enterprises have lowered their quotations.
On the demand side: According to the commodity analysis system of Shengyi Society, glass prices remained stable on March 31st, with the market average price remaining unchanged at 15.21 yuan/square meter. The glass market has not experienced significant changes in production, with stable operation of equipment and downstream procurement following up on demand. The market trading atmosphere is relatively weak, and glass inventory is generally depleted. Market prices are stable and waiting to be seen.
Future forecast: Domestic soda ash facilities will resume operation, capacity utilization rate will increase, downstream glass market will remain stable, demand for soda ash will be limited, and there will be a lack of favorable market conditions. It is expected that the short-term soda ash market will operate weakly and steadily, depending on downstream market demand.

The domestic ABS market continued to be weak in March, with most spot prices of various grades falling. According to the Commodity Market Analysis System of Shengyi Society, as of April 1st, the average price of ABS sample products was 11250 yuan/ton, with a price level fluctuation of -3.64% compared to the beginning of the month.
Fundamental analysis
Supply level: As we enter March, the operating rate of the domestic ABS industry has shown significant fluctuations, with overall load increasing narrowly by 1% to around 73% compared to the end of February. The average weekly production has advanced to a super high level of 130000 tons, and the inventory level of aggregation enterprises has gradually risen to a high of over 190000 tons, indicating that the supply of goods is still very abundant. There has been no improvement in petrochemical plant orders within the month, and traders are lagging behind in terms of goods delivery. Actual orders are gradually yielding profits, and more orders are being shipped. Overall, the supply side has poor support for ABS spot prices during the ten day period.
Cost factor: As we enter March, the trend of ABS upstream materials has collectively weakened, providing poor support for ABS costs. The supply-demand imbalance in acrylonitrile has not yet eased within the month, with over 80% of the industry’s high load resulting in abundant supply on site. After a decline in the first and middle of the month, the price of acrylonitrile has hit the theoretical production cost line, and the role of terminal procurement entering the market at low prices to support the price has gradually strengthened. The market has hit a bottom in stages, and there is a trend of supply contraction at the end of the month. Spot prices have stopped falling and rebounded slightly. Considering the overall abundant supply in the future, the short-term market growth may still be limited.
The butadiene market was mainly consolidating after a decline in March. Spot transactions within the range are relatively weak, indicating poor market momentum. On the supply side, the suspension of mainstream enterprises in the eastern region of China and the increase in arrivals at the end of the month are mutually pulling each other. In terms of demand, the downstream synthetic rubber market has shown a biased performance. Merchants have attempted to raise prices but have been unsuccessful. Overall, the supply and demand performance of the butadiene market is bearish, and it is expected to remain stable, moderate, and weak in the short term.
Styrene fluctuated and fell in March. There are many imported sources of pure benzene raw materials, and downstream consumption is slightly weak. Prices continue to be under pressure, dragging the styrene market. The downstream demand for styrene is in urgent need of support. In April, styrene will enter a peak season for maintenance, and supply is expected to tighten. However, there is insufficient cost support, which will constrain the styrene market. It is expected that styrene will experience narrow fluctuations in the short term.
On the demand side: The terminal side continues the previous flat pattern, and downstream buying in March is still lagging behind. The load of terminal factories is generally flat, and the purchasing logic tends to be weak in demand and bottom fishing. The atmosphere of on-site purchasing is sluggish, and the flow of goods is slow. Overall, the demand side has weak support for the ABS market.
Future forecast
The domestic ABS market remained in a downward trend in March. The performance of the upstream three materials is poor, and the comprehensive support for ABS cost is weak. The load of ABS polymerization plant is stable with small fluctuations, and the inventory level is rising at a high level. Weak consumption on the demand side and insufficient procurement by downstream enterprises. Business analysts believe that the ABS market will have strong supply and weak demand in the long term, and it is difficult to find any positive results. In the short term, the market will still be dominated by weak consolidation.

According to the monitoring of the commodity market analysis system of Shengyi Society, the 1 # tin ingot market in East China has risen this month (3.1-3.31), with an average market price of 255850 yuan/ton at the beginning of the month and 280962 yuan/ton at the end of the month, a monthly increase of 9.82%.
The stable operation of tin prices in the early stage of March was affected by the rapid rise in tin prices due to the shutdown of overseas mines in the middle stage, and the news of the resumption of production in Myanmar mines in the later stage affected the upward trend of tin prices, which returned to a high and fluctuating trend.
Recently, macro driving factors have shown a positive trend, and the non-ferrous metal sector has generally shown a strong trend. The concerns caused by Myanmar’s resumption of production have eased, and its impact on the market is gradually slowing down. In this context, tin prices have successfully stabilized and shown a good trend of recovery.
On the supply side, the Myanmar government has officially announced the relevant permit application process and is steadily promoting the resumption of production work. Given this positive development, we have incorporated Myanmar’s supply recovery factors into our future supply benchmark forecast. From the current situation, the smelting production plan for March remains stable without significant fluctuations or changes.
On the consumer side, we have not yet observed significant consumption highlights in the short term. In the short term, the consumer market is still constrained by price factors and has not yet been able to fully unleash its potential.
Overall, the macro outlook is relatively positive in the short term, but attention should be paid to the clear guidance of Myanmar’s resumption of production process and the progress of the situation in the Democratic Republic of Congo. Expected high-level range fluctuations, it is recommended to operate with a range oscillation mindset.

According to the monitoring of the commodity market analysis system of Shengyi Society, the magnesium ingot market in Shaanxi Province has slightly declined, with an average market price of 16100 yuan/ton at the end of the month and 15800 yuan/ton at the beginning of the month, a monthly increase of 1.90%.
This month’s market analysis
At the beginning of March, magnesium prices fell to a low level in recent years. As multiple magnesium factories continued to face losses, in order to alleviate operational pressure, they chose to conduct equipment maintenance in advance and took measures to reduce or shut down production. Magnesium prices have rebounded and fluctuated near the cost line, with an upward trend as of the end of the month.
Supply and demand side
Given that the current price level still fails to provide magnesium factories with sufficient profit margins and safety buffers, companies that previously chose to shut down or reduce production due to market downturns generally have a relatively low willingness to resume production. Entering early April, it is expected that some companies will still enter the stage of shutdown and maintenance due to maintenance needs, which will undoubtedly further compress market supply. In this severe situation, coupled with the latest developments in environmental inspections, the magnesium factory is extremely determined to maintain the current price level and has a strong willingness to raise prices.
At present, downstream procurement is still maintaining essential procurement and there is no obvious hoarding phenomenon.
In terms of raw materials
In terms of raw materials, the prices of silicon iron and blue charcoal are basically stable and operating weakly, which has a certain supporting effect on magnesium prices. According to the Commodity Market Analysis System of Shengyi Society, on March 21st, ferrosilicon (brand: FeSi75～B; The market price for grain size grade/mm: natural block in Ningxia region ranges from 5650-5800 yuan/ton, with an average market price of 5772 yuan/ton, a decrease of 0.69%.
As of March 21st, the mainstream price of small and medium-sized raw materials in Shenmu market is 650-700 yuan/ton, and the price of coke surface is 450-530 yuan/ton; The mainstream prices for small and medium-sized materials in the Fugu market are 630-720 yuan/ton, and 440-600 yuan/ton for coke surface; The mainstream price of coke in the Zhongwei market is 480 yuan/ton; Shizuishan Market Mix 500 yuan/ton; The price of small and medium-sized materials in the Ordos market is 670 yuan/ton, and the price of coke surface is 500-590 yuan/ton; The price of small and medium-sized materials in Hohhot market is 650 yuan/ton, and the price of coke surface is 620 yuan/ton; The price of small and medium-sized materials in Hami market is 620-900 yuan/ton, coke surface is 330-1050 yuan/ton, and mixed materials are 210-300 yuan/ton; The price of small and medium-sized materials in Changji market is 850-1220 yuan/ton, and the price of coke surface is 550 yuan/ton, all of which are ex factory cash prices including tax; The prices of small and medium-sized materials such as blue charcoal in Tianjin Port are 950-980 yuan/ton, and coke face is 800-880 yuan/ton, both of which are cash inclusive of taxes at the port closing price; The price of Yumen small materials is 280-500 yuan/ton, the price of coke surface is 350-620 yuan/ton, the mainstream price of coke powder is 560 yuan/ton, and the price of rice materials is 395-430 yuan/ton, all of which are cash inclusive of tax at the factory price.
Future forecast
As of the end of this month, magnesium prices have bottomed out and rebounded, showing a strong trend. However, in the long run, there is currently no significant improvement in demand, and it is expected to fluctuate within the range. We will pay attention to environmental inspections and the resumption of work and production in magnesium plants in the future.