According to the Commodity Market Analysis System of Business Society, as of April 7th, the average quoted price of polyethylene glycol 400 by enterprises is 7550.00 yuan/ton, which is unchanged from the beginning of the month.

Since April, the polyethylene glycol market has continued to operate steadily. The cost face has a significant impact on the polyethylene glycol market. Recently, upstream ethylene oxide has been operating at a high level, and the cost face is still supported by the polyethylene glycol market. The downstream demand for polyethylene glycol is widely used, and the overall performance of the demand side is relatively stable, with a focus on following up on rigid demand. The supply and demand side is generally supported by the market.

Cost side:

Upstream ethylene oxide: According to the commodity market analysis system of Business Society, on April 5th, the reference price of ethylene oxide was 7000.00, which was unchanged from April 1st. Recently, the ethylene oxide market has been operating at a high level, with cost support and supply reduction in some regions, supporting the mentality of enterprises to raise prices, and providing strong support for the polyethylene glycol market.

Upstream ethylene glycol: According to the commodity market analysis system of Business Society, the reference price of ethylene glycol on April 5th was 4520.83, an increase of 0.17% compared to April 1st (4513.33), which provides sufficient support for the polyethylene glycol market.

According to polyethylene glycol analysts from Business Society, the short-term high cost support is stable, and the overall downstream demand may still continue to be in high demand. Business owners tend to adopt a wait-and-see attitude with the market, and it is expected that the polyethylene glycol market will remain stable in the short term. More attention should be paid to the trend of upstream ethylene oxide.

According to the commodity market analysis system of Shengyishe, the average ex factory price of Shanxi light potassium carbonate, including tax, was 7310.00 yuan/ton at the beginning of the week. On the weekend, the average ex factory price of Shanxi light potassium carbonate, including tax, was 7270.00 yuan/ton, a decrease of 0.55%. The current price has decreased by 0.82% month on month, and has dropped by 18.68% year-on-year.

Potassium carbonate

The price of potassium carbonate has fallen this week. From the above chart, it can be seen that the potassium carbonate market has been mainly volatile and consolidating in the past two months, with a slight decline this week. The domestic market price of potassium chloride is at a relatively high level, and cost support is still acceptable. However, the transaction volume in the potassium carbonate market is light, and traders mainly ship at low prices, resulting in a volatile and weak market. According to statistics from Business Society, the mainstream ex factory quotation range for industrial grade potassium carbonate in China this week is around 7100-7300 yuan/ton (for reference only), and the quotation varies depending on the procurement situation.

Recently, the domestic market for potassium chloride and potassium chloride has declined. The domestic potassium chloride market is in a slow downward trend, with traders mainly shipping at low prices, and port shipments are still acceptable. Currently, the price of 62% white potassium is mostly around 2300 yuan/ton. In mid to early April, the trend of potassium chloride market may fluctuate slightly and fall, with consolidation being the main trend. The prices of potassium chloride in salt lakes and Zangge are temporarily stable, and the market situation is average. Downstream agricultural demand is average, industrial demand weakens, and the price of potassium chloride may fluctuate and fall in the future.

Recently, the domestic potassium chloride market has been at a high and firm price, but the market is in a slightly stagnant trading state, with poor sales of potassium carbonate. It is expected that the potassium carbonate market will mainly experience a slight decline in the short term. The long-term market still needs to be watched.

Domestic sodium metabisulfite price trend chart

According to the Commodity Market Analysis System of Business Society, the domestic price of sodium metabisulfite continued to decline weakly in March 2024. The average price of industrial grade sodium metabisulfite on March 1st was 2316.67 yuan/ton, and on March 29th it was 2150.00 yuan/ton, a decrease of% within the month.

Due to the significant decline in upstream raw material prices, domestic sodium metabisulfite production enterprises significantly lowered their factory prices in March, driving a significant decline in the domestic sodium metabisulfite market price. As upstream raw material prices continue to decline, the domestic sodium metabisulfite market price continues to be suppressed and lowered to around 2150 yuan/ton.

In March, domestic soda ash prices continued to be weak, falling by 11.42% within the month, while sulfur prices slightly rebounded, rising by 4.22% within the month. Overall, the cost of raw materials for sodium metabisulfite is showing a downward trend, and the continuous decline in costs will further suppress the market price of sodium metabisulfite in the future.

Future Market Forecast

Analysts from Business Society believe that raw material costs continue to be weak, and downstream trading entities are cautious in purchasing. It is expected that the domestic market price of sodium metabisulfite will continue to be under pressure in April, with a moderate to weak trend.

This week, the price range of butyl acrylate is mainly organized. As of April 1st, the benchmark price of butyl acrylate in Shengyishe was 9532 yuan/ton, an increase of 11 yuan/ton compared to last week (9520 yuan/ton). The prices in the East China market are between 9300-9350 yuan/ton, the North China market is between 9350-9550 yuan/ton, and the South China market is between 9450-9650 yuan/ton. Mainstream production enterprises have weak and stable quotations, market holders are negotiating actual price reductions, and downstream buyers are buying on dips as needed.

In terms of cost:

The raw material n-butanol is experiencing an increase, with a slight decrease in production capacity utilization. Factories and holders are keeping prices low. As of April 1st, the ex factory reference price in Shandong region is 7916.67 yuan/ton, an increase of 2.32% compared to last week (7733 yuan/ton). The supply of goods at low-end prices in the market has decreased, with a focus on high-end operations. The market has a strong wait-and-see atmosphere, and downstream inquiries are active.

The market situation of raw material acrylic acid is on the rise. Upstream propylene rebounded after falling, with average cost support. The supply side of the acrylic acid market continued to be positive, supporting suppliers to support the market. Holders saw no pressure on sales, and bullish sentiment increased. The focus of the offer increased significantly, with the benchmark price of acrylic acid in Shengyishe being 6500.00 yuan/ton, an increase of 4.42% compared to the beginning of last month (6225.00 yuan/ton). Some acrylic acid factories in Shandong region have resumed operation, with no pressure on short-term factory inventory and sales, and little fluctuation in supply. It is expected that the domestic acrylic acid market will maintain a stable price operation.

In terms of supply and demand:

Since March, the downstream adhesive tape mother coil has released new production capacity in the first quarter, causing a slow increase in supply pressure, while demand has decreased compared to the same period last year. Under the contradiction between supply and demand, market prices have declined. However, production enterprises have considered cost pressure and negative gross profit, resulting in a slower decline in market prices. The acrylic acid lotion factory mainly consumes contracts, and the spot purchase is mainly for small orders, and the market negotiation area is mainly arranged.

Overall

There is not much change in the short-term raw material market, and cost support still exists. The strong price of n-butanol may to some extent drive a warming mentality in the butyl acrylate market. Downstream may seek to replenish positions at low prices, while upstream and downstream continue to play games. It is expected that the range of butyl acrylate will be mainly consolidated in the near future.

Price trend

According to the Commodity Market Analysis System of Business Society, the reference average price of 85% hot process phosphoric acid in China was 6640 yuan/ton on March 1st. On March 27th, the reference average price of 85% hot process phosphoric acid in China was 6540 yuan/ton. This month, the domestic price of hot process phosphoric acid decreased by 1.51%.

According to the Commodity Market Analysis System of Business Society, the reference average price of 85% wet process phosphoric acid in China was 6516 yuan/ton on March 1st, and 6866 yuan/ton on March 27th. This month, the domestic wet process phosphoric acid price increased by 5.37%.

quotations analysis

The phosphoric acid market has shown a polarized trend this month. Due to differences in raw material trends and demand, the domestic price of hot process phosphoric acid is weak and falling, while the domestic wet process phosphoric acid market continues to rise.

Thermal phosphoric acid

This month, the price of thermal phosphoric acid fluctuated and fell. In the first half of March, the price of thermal phosphoric acid continued to decline. The price of raw material yellow phosphorus has been lowered, resulting in insufficient cost support. The demand for thermal phosphoric acid in the market is relatively light, and the transaction atmosphere is poor. In the second half of March, the market price of phosphoric acid slightly increased and then fell again. The price of raw material yellow phosphorus has risen and fallen, with limited cost support. Downstream on-demand procurement results in weak market trading. As of March 27th, the factory price of 85 thermal process phosphoric acid in Hubei region is around 6300-6700 yuan/ton, and the factory price of 85 thermal process phosphoric acid in Sichuan region is around 6400 yuan/ton.

Market for raw material yellow phosphorus. The yellow phosphorus market fluctuated and fell in March, and the overall trading situation in the yellow phosphorus market was average. In the first half of the year, the focus of the domestic yellow phosphorus market shifted downwards, and manufacturers mainly placed early orders, while the transaction situation of new orders was average. In the middle of the month, the focus of the yellow phosphorus market continued to decline, and there were many cases of underpricing and procurement. It was mainly a wait-and-see approach, and purchasing was very cautious. The price range of yellow phosphorus market fluctuates in the latter half of the year. The upstream and downstream are relatively deadlocked, while downstream procurement is cautious and mainly wait-and-see. As of now, the market price for yellow phosphorus is around 22500-22800 yuan/ton, and the actual transaction is negotiable.

Wet process phosphoric acid

The price of wet process phosphoric acid has continued to rise this month. The price of raw material phosphate ore has increased, leading to increased cost support. This month, the demand for wet process phosphoric acid in the market has increased, and the trading atmosphere is good. Manufacturers and distributors have continuously raised their prices. Driven by demand, the operating rate of wet process phosphoric acid has increased. At the end of the month, some maintenance equipment for wet acid production resumed production, and the market supply gradually increased. As of March 27th, the domestic market quotation for 85 wet process phosphoric acid is around 6050-7450 yuan/ton.

Market for raw material phosphate rock. This month, the domestic phosphate ore market has improved. At the beginning of the month, some mining companies in certain regions in China raised prices in the mid to high end grade phosphate ore market narrowly, driving the overall focus of negotiations in the phosphate ore market upwards. As of March 27th, the reference price for domestic phosphate ore market is around 1062 yuan/ton.

Future Market Forecast

Business Society’s phosphoric acid analyst believes that the phosphoric acid market has been experiencing significant stability and minor fluctuations recently. The market for raw material yellow phosphorus and phosphate ore is stabilizing, while the phosphoric acid market is mainly wait-and-see. The downstream demand for hot process phosphoric acid is mainly for replenishment, while the demand for wet process phosphoric acid is beginning to slow down. It is expected that the short-term phosphoric acid market will continue to consolidate, and it is recommended to pay attention to changes in the trend of raw materials.

Zinc prices have fluctuated and fallen this week

According to the Commodity Market Analysis System of Shengyishe, as of March 25th, the zinc price was 21100 yuan/ton, a fluctuation decrease of 1.06% compared to the zinc price of 21326 yuan/ton on March 18th. The import volume of zinc concentrate decreased on a month on month basis, with a tight supply of zinc concentrate and a decrease in processing fees. The supply of zinc in the market was poor, and demand was weak, resulting in a volatile decline in zinc prices this week.

Tight supply of zinc concentrate

According to statistics from the General Administration of Customs, the import volume of zinc concentrate in China in January 2024 was 395900 tons, a decrease of 10.4% month on month and 8.18% year-on-year. In February 2024, the import volume of zinc concentrate was 251200 tons, a decrease of 36.56% month on month and 46.69% year-on-year. The cumulative import volume of zinc concentrate from January to February 2024 was 647100 tons, a year-on-year decrease of 28.28%. The import volume of zinc concentrate has decreased, and the supply of zinc concentrate is tight. The processing cost of zinc concentrate decreased in March, and the supply of zinc in the market was tight.

Poor macroeconomic growth

The Swiss central bank announced a 25 basis point rate cut and adjusted the benchmark interest rate from 1.75% to 1.5%. The sudden shift in monetary policy by the Swiss central bank may lead to a series of chain reactions. The US PMI data released by S&P Global and Research shows that the initial value of Markit’s manufacturing PMI in March was 52.5, and the initial value of Markit’s comprehensive PMI in March was 52.2. The US manufacturing business activity in March showed strong performance, setting the fastest growth rate in nearly two years. In the past two weeks since mid March, the US dollar index has continued to rise, with macroeconomic recovery. However, inflationary pressure still exists, and the macroeconomic weakness in the zinc market remains. The demand growth in the zinc market is not satisfactory.

Future Market Forecast

According to data analysts from Business Society, the supply of zinc concentrate is tight, and zinc prices fluctuated and rose in March. However, the macroeconomic recovery is not good, and the demand growth in the zinc market is insufficient. This week, zinc prices fluctuated and fell. In the future, both supply and demand in the zinc market have rebounded, and the support for zinc price increases is limited. It is expected that zinc prices will fluctuate and consolidate in the future.

Domestic sodium metabisulfite price trend chart

According to the Commodity Market Analysis System of Business Society, the price of domestic sodium metabisulfite was weak this week. The average price of industrial grade sodium metabisulfite at the beginning of the week was 2166.67 yuan/ton, and the average price over the weekend was 2150.00 yuan/ton, a decrease of 0.77% during the week.

Affected by the further decline in upstream raw material prices, some enterprises have lowered the factory price of sodium metabisulfite again this week, driving the domestic market price of sodium metabisulfite to continue to decline weakly. This week, the market price range of industrial grade sodium metabisulfite is 2100-2200 yuan/ton, with most prices concentrated around 2100-2150 yuan/ton. The inventory of the enterprise is about 30%, and the overall supply and demand of sodium metabisulfite market is stable, with the enterprise mainly completing orders from old customers. (The above prices refer to the quotations from mainstream domestic enterprises, and some enterprises that have not been reported are not within their scope. The prices are for reference only and are not related to the final pricing of the manufacturers. For details, please contact each manufacturer for consultation.).

This week, domestic soda ash prices fell by 2.94%, while sulfur prices increased by 0.64%. Overall, the upstream raw material prices of sodium metabisulfite have fluctuated downward, and lower costs will further suppress the market price of sodium metabisulfite in the future.

Future Market Forecast

Analysts from Business Society believe that under the sustained weak cost suppression, the domestic market price of sodium metabisulfite will continue to be under pressure and operate weakly in the short term.

According to the Commodity Market Analysis System of Business Society, as of March 20th, the average price quoted by domestic industrial grade 85% formic acid enterprises was 3300.00 yuan/ton, which is basically the same as the reference price of 3300.00 yuan/ton on March 15th.

From the data monitoring chart of Business Society, it can be seen that the formic acid market has stabilized after rising since March. Recently, the domestic industrial grade 85% formic acid market has continued to operate steadily. The mainstream quotation range of enterprises is between 3100-3400 yuan/ton, and the waiting sentiment of holders for the market has not changed significantly compared to the previous period. New orders in the market are mainly in demand.

Cost side: In this cycle, the domestic methanol market prices have fluctuated narrowly, and the narrow consolidation operation may continue in the future, which may have limited impact on the formic acid market. The price of raw material sulfuric acid has slightly increased, and the market atmosphere is active. The future market may remain strong, supporting or continuing the formic acid market.

Supply and demand side: Formic acid is widely used, with a wide variety of downstream products. Terminal factories are in high demand when entering the market, and the demand side is relatively stable. The overall shipment of formic acid in the market is still acceptable.

Business Society formic acid analysts believe that the short-term cost side has little impact, and the market has a strong wait-and-see atmosphere. Holders are actively shipping, and it is expected that the formic acid market will remain stable and slightly volatile in the short term. The specific trend still needs to pay attention to downstream demand.

Price trend

In mid March, the domestic ABS market continued to maintain a strong trend, and spot prices of various brands continued to rise. According to the Commodity Market Analysis System of Business Society, as of March 18th, the average price of ABS sample products was 12162.50 yuan/ton, with a price increase or decrease of+3.18% compared to the beginning of the month.

Cause analysis

In terms of supply: Recently, the domestic ABS industry has taken on the pattern of pre holiday load reduction and adjustment, and the current operating rate is not high. In addition, the Jieyang unit of China National Petroleum Corporation has entered maintenance, further reducing the industry device load to around 60%. The operating rate of ABS aggregation enterprises is not high, and the market supply pattern remains tight. Last week, the inventory of production enterprises flattened, and overall, the supply side’s support for spot goods is still acceptable.

In terms of raw materials: In mid March, the overall trend of ABS upstream three materials was high, with a narrow range of consolidation in the acrylonitrile market. The price of raw material propylene has slightly decreased, and the cost support for acrylonitrile has weakened; Downstream products only maintain essential support for acrylonitrile; The supply side of the acrylonitrile unit is generally loose. Overall, the acrylonitrile market lacks bullish momentum in the short term, and the market may remain stagnant and consolidate.

Recently, the domestic butadiene market has experienced slight fluctuations and consolidation, showing an overall trend of first falling and then rising. The inverted profit situation of the main downstream products has led to poor downstream inquiry intention, and there is certain suppression of demand in the face of the market. However, there is price support for the domestic market in the external market, coupled with the support of downstream hard demand stocking over the weekend, some bidding sources have increased their prices and completed transactions, which has boosted the market slightly. It is expected that the future market will rise weakly and consolidation will be the main trend.

Recently, the market price of styrene has risen at a high level. The price of raw material pure benzene remains unchanged due to the rise of crude oil, while the cost support for styrene remains stable and strong. Downstream enterprises are in urgent need of follow-up, while the supply pattern is gradually tightening, resulting in a decrease in on-site inventory. It is expected that the styrene market will continue to fluctuate and strengthen in the short term.

In terms of demand: As we enter mid March, the stocking enthusiasm of downstream factories of ABS’s main terminals has recovered well, with a particularly significant increase in production scheduling in the home appliance industry. The overall load of factories on the demand side has increased, leading to an increase in demand purchases. Although there is some resistance towards the supply of goods after price increases, the overall consumption of ABS is high. At present, traders are actively trying to report high prices, spot trading has improved, and the demand side can still provide support for the market.

Future Market Forecast

Recently, the overall performance of the upstream three materials of ABS has remained stable, moderate, and strong, maintaining support for the cost side of ABS. Petrochemical plant operations continue to decrease, and supply pressure has significantly eased. On the demand side, due to downstream enterprises resuming work and increasing production schedules, ABS consumption has increased. Merchants are attempting to offer higher prices, resulting in strong market momentum. The current ABS fundamentals are generally bullish, and the ABS market may continue to rise in the short term in the future.

According to the commodity data analysis system of Business Society, since March, the hydrogen peroxide market has been continuously recovering and rising. As of March 18th, the hydrogen peroxide market has surged, with an average market price of 913 yuan/ton, an increase of 16.6% compared to the beginning of the month.

Lido supports the rise of hydrogen peroxide market

The sharp rise in the hydrogen peroxide market this round is mainly due to the improvement in terminal demand, some leading enterprises resuming operation, and the increase in prices. Large factories in Hebei Province have resumed operation, with prices rising to 920 yuan/ton. The prices of major hydrogen peroxide manufacturers in Shandong and Anhui regions have also exceeded 900 yuan/ton, leading to a significant increase in the overall hydrogen peroxide market.

Business Society’s hydrogen peroxide analyst believes that with demand support, it is expected that the hydrogen peroxide market will remain strong in the short term.