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.

According to the Commodity Market Analysis System of Shengyi Society, as of March 26th, the average price of acetic acid was 2810 yuan/ton, a decrease of 1.40% compared to the acetic acid price of 2850 yuan/ton on March 17th, and an increase of 0.36% compared to the beginning of the month.
Recently, the acetic acid market has been weak, and enterprise quotations have been continuously lowered. On the supply side, the utilization rate of acetic acid production capacity has increased, the market supply volume has increased, and the shipping sentiment of enterprises is strong. The enthusiasm of downstream market entry is weak, and a small amount of purchases are closely following demand. The shipment of enterprises is poor, and under the game of supply and demand, the price of acetic acid is weakly lowered.
As of March 26th, the market prices of acetic acid in various regions are as follows:
Region/ On March 17th/ On March 26th/ rise and fall
South China region/ 2875 yuan/ton/ 2825 yuan/ton/ -50
North China region/ 2725 yuan/ton/ 2710 yuan/ton/ -15
Shandong region/ 2830 yuan/ton/ 2750 yuan/ton/ -80
Jiangsu region/ 2700 yuan/ton/ 2650 yuan/ton/ -50
Zhejiang region/ 2875 yuan/ton/ 2850 yuan/ton/ -25
The upstream methanol market is experiencing strong fluctuations. From March 17th to 26th, the average domestic market price increased from 2670.00 yuan/ton to 2679.17 yuan/ton, with an overall increase of 0.34%. In the early stage, the macro market sentiment rebounded, coupled with low inventory and limited loading by some enterprises, and the implementation of planned maintenance for some domestic facilities. The enthusiasm for trade procurement was high, which promoted the strength of the domestic methanol market. Later, downstream resistance caused the market transaction center to fall back.
The downstream acetic anhydride market continues to decline. On March 26th, the average ex factory price of acetic anhydride was 4800.00 yuan/ton, a decrease of 2.29% compared to the price of 4912.50 yuan/ton on March 17th. The upstream acetic acid market is running weakly, the cost of acetic anhydride is bearish, enterprise quotations have been lowered, downstream demand is weak, market transactions are insufficient, and acetic anhydride prices have continued to decline during the cycle.
In terms of future market forecast, the acetic acid analyst from Shengyi Society believes that the acetic acid plant is currently operating stably, with sufficient market supply. Enterprises are actively shipping, and downstream market entry is following up as needed. The trading atmosphere in the market is relatively weak, and it is expected that the acetic acid market will operate in a wait-and-see manner in the short term. Specific attention will be paid to changes in the plant and downstream follow-up situations.

According to the Commodity Market Analysis System of Shengyi Society, the domestic natural rubber spot market fluctuated and slightly rose recently (3.18-3.26). As of March 26, the spot rubber market in China’s natural rubber market was around 16636 yuan/ton, up 0.39% from 16571 yuan/ton on the 18th, with a low point of 16502 yuan/ton and a high point of 16656 yuan/ton during the cycle. High price consolidation of raw materials; Domestic Tianjiao Port inventory continues to increase; The downstream construction is basically stable; The volatile consolidation of the Shanghai rubber market has led to a slight adjustment in the spot market of natural rubber.

At present, foreign natural rubber supply will gradually enter 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. Currently, natural rubber raw material prices are consolidating at a high level, and it is expected that they may decline in the future. As of March 24th, the price of Thai glue was 68.00 baht/kg, slightly higher than the 67.00 baht/kg on March 18th.

Natural rubber inventory continues to increase slightly, but overall it remains at a high level. As of March 23, 2025, the total inventory of Tianjiao bonded and general trade in Qingdao area was 602300 tons, an increase of 0.3 million tons or 0.5% compared to the previous period.

Supply and demand side: Downstream tire production is basically stable, mainly supporting the demand for 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: When domestic and international raw material prices stabilize at a high level, but in the later stage, with the opening of some regions at home and abroad, the price of natural rubber raw materials may continue to fall. The downstream construction is gradually increasing, which provides some essential support for the demand for natural rubber, but the inventory of Tianjiao Port continues to grow slightly; Overall, it is expected that the natural rubber market will weaken and consolidate in the later stage.