1、 Overview of Core Data

Since March, the price of propylene has started a unilateral upward trend. As of March 10th, the benchmark price of propylene in Shengyi Society was 8817.67 yuan/ton, a significant increase of 37.54% compared to 6411.00 yuan/ton at the beginning of March. The price has shown a linear upward trend, and the market spot is tight, with high price transactions becoming normalized. Downstream demand mainly follows suit.
2、 The core logic behind the rise in propylene prices in March (driven by both Middle East geopolitics and domestic supply and demand)
1. Geopolitical risks in the Middle East:
As a core production area for crude oil and propane globally, as well as an important exporter of chemical products, the Middle East continues to ferment in this round of geopolitical conflicts, becoming a key external driver for the surge in propylene prices.
On the one hand, international crude oil and propane prices have risen significantly due to the geopolitical situation, and propylene, as the core product of refining and propane dehydrogenation, has seen a rigid increase in raw material costs, providing underlying support for price increases;
On the other hand, the shipping risks of key waterways such as the Red Sea and the Strait of Hormuz have intensified, and the expected arrival of imported propylene at ports has tightened, resulting in increased transportation costs. Coupled with disruptions in the supply of chemical plants in the Middle East, market concerns about supply gaps have intensified, and the risk premium has significantly pushed up propylene prices.
2. Supply side:
The centralized maintenance of domestic propylene enterprises’ facilities has been implemented, and some facilities are operating at reduced loads. The effective supply in the market has significantly decreased, and the tight situation of spot resources has become prominent. Against the backdrop of restricted import supplementation, the contraction of the domestic supply side further exacerbates the supply-demand imbalance, becoming the internal core support for rapid price increases.
3. Demand side:
Downstream major industries such as polypropylene and epichlorohydrin continue to operate normally, with solid support for essential procurement. Downstream enterprises passively accept high priced sources of goods; Combined with strong bullish expectations in the market, the combination of essential purchases and moderate inventory replenishment has formed a sustained buying force, driving prices to continue to rise. As of March 10th, the benchmark price of Business Society PP (wire drawing) was 9126.67 yuan/ton, an increase of 36.97% compared to the beginning of this month (6663.33 yuan/ton).
As of March 10th, the benchmark price of epoxy propane in Shengyi Society was 10516.67 yuan/ton, an increase of 31.46% compared to the beginning of this month (8000.00 yuan/ton).
3、 Future prospects
In the short term, there is still uncertainty in the geopolitical risks in the Middle East. The cost support of crude oil and propane has not dissipated, and the tight supply of domestic propylene is difficult to alleviate in the short term. Downstream demand continues to follow up, and propylene prices are likely to remain high, with intensified high-level fluctuations.
Special attention should be paid to the evolution of the situation in the Middle East, the arrival of imported propylene at ports, and the progress of domestic plant restart. If geopolitical sentiment eases and supply recovers, there is a risk of high price correction.
IV. Summary
The 38% surge in propylene prices in March is the result of cost and import disruptions caused by Middle Eastern geopolitical risks, coupled with domestic supply contraction and downstream demand follow-up. The market presents a strong trend driven by cost and supply-demand mismatch, and the subsequent geopolitical situation and supply recovery progress will dominate the price trend.

According to the monitoring of the Commodity Market Analysis System of Shengyi Society, the magnesium ingot market in Shaanxi Province saw a slight correction this week (3.1-3.9), with an average market price of 16750 yuan/ton at the beginning of the week and 16650 yuan/ton at the end of the week, a decrease of 0.60%.
In early March, the overall trend showed a “stable to weak operation, slight fluctuations” pattern, with no significant fluctuations in prices. The price range was in line with the reasonable cost line of the industry.

supply side
As of early March, the domestic magnesium market has limited available spot goods, and some factories in the main production areas are still delivering pre year orders, resulting in insufficient supply of new spot goods. The pressure on factory inventory is relatively small, and the willingness to raise prices is clear. At the same time, the industry policy environment continues to optimize, and magnesium smelting has been removed from the “two highs” directory. Enterprises in the main production areas are gradually optimizing their production capacity structure, focusing on improving quality and efficiency. However, in the short term, the speed of capacity release has been slow, and there has not been a large amount of new capacity impacting the market, further consolidating the tight spot market situation. In addition, some high cost magnesium smelting enterprises in Shanxi, Shaanxi and other regions have gradually withdrawn from the market, and the overall smelting cost of the industry has increased, providing bottom support for magnesium ingot prices.
Demand side:
It presents the characteristic of “gradual recovery but insufficient strength”. Since March, downstream industries in China have gradually resumed work and production, with slow release of demand in areas such as new energy vehicles, aerospace, and consumer electronics. However, most downstream users and trading enterprises have sufficient stock before the year, and are still in the stage of inventory digestion in the short term. Purchasing is mainly for essential needs, and there is currently no large-scale replenishment demand, which has limited boosting effect on magnesium ingot prices. Among them, the new energy vehicle sector, as the core engine of magnesium demand growth, continues to increase the amount of magnesium used per vehicle, but the demand release pace is slow in the short term; Although emerging fields such as humanoid robots and commercial aerospace continue to expand their demand for magnesium alloys, they are still in the stage of small-scale application and have not yet formed large-scale demand support, making it difficult to drive a significant increase in magnesium ingot prices.
Cost side:
The cost side provides strong support for the price of magnesium ingots, and the industry’s cost bottom line is clear. Magnesium smelting mainly relies on coal as a reducing agent, and domestic coal prices remain stable with slight increases in some regions. Currently, magnesium ingot prices are above the cost line, and most enterprises have achieved small profits, further enhancing the factory’s ability to maintain high prices.
comprehensive analysis
Overall, there is a lack of core driving force for significant increases or decreases in magnesium ingot prices in the short term, and stable operation will be the main focus. Attention will be paid to the follow-up of downstream demand, the pace of capacity release in major production areas, and fluctuations in coal prices.

I. Trend Analysis

Business Society monitoring data shows that copper prices declined slightly this week, reaching 101,121.67 yuan/ton by the 6th, down 1.04% from the start of the week and up 29.11% year-on-year.
According to the weekly price trend chart from Business Society, copper prices have experienced seven declines and four increases over the past three months, with a slight decrease this week.
LME copper inventory
According to data released by the London Metal Exchange (LME), LME copper inventory rose slightly, reaching 282,200 tons by the end of the week, up 9.52% from the beginning of the week.
Macro perspective: The Middle East geopolitical conflict has entered its sixth day, with escalated actions by the U.S. and Israel triggering a surge in crude oil prices. Global markets swiftly shifted to a “risk-off + stagflation” mode. Both the U.S. dollar index and Treasury yields soared, exerting valuation pressure on commodities.
Supply side: The copper market has faced significant supply pressure recently. LME copper inventories have shown a fluctuating rebound trend, with the latest stockpiles rising above 260,000 tons. Domestically, both domestic production and previously locked-in imported copper shipments continue to arrive, coupled with elevated social inventories, resulting in overall ample market liquidity. Although logistical disruptions in the Democratic Republic of Congo have impacted supply to some extent, high copper prices have stimulated increased scrap copper recycling and boosted imports, effectively alleviating raw material bottlenecks. Despite a slight month-on-month decline in refined copper production, year-on-year growth remains robust. This has led to relatively loose supply in the copper market, exerting downward pressure on prices.
On the demand side, the performance of downstream enterprises has been less than satisfactory. Although downstream enterprises have continued to resume production and work, coupled with recent declines in Shanghai copper futures prices, downstream procurement willingness has increased, and order activity has risen. However, overall demand remains relatively weak. Power investment remains stable, while automotive production and sales are growing. However, home appliance production schedules are declining, and the real estate sector continues to be sluggish. The incremental demand from AI data centers is still insufficient to offset the gap in traditional industries. The slow resumption of downstream production has led to a continuous influx of domestic supplies, resulting in accumulated social inventories and hindered destocking. The spot market exhibits characteristics of “having prices but no market.” While suppliers are strong in maintaining prices and have stabilized premiums, downstream buyers remain highly reluctant to pay high prices, resulting in minimal transactions for high-priced goods.
In summary: In the short term, copper prices will face dual pressures from geopolitical risks and inventory concerns. Meanwhile, the domestic reality of “high inventory and weak demand” also limits upward momentum. From a medium-term perspective, copper prices still have some support. Overseas mine supply growth remains sluggish, refined copper production capacity expansion is extremely limited, global visible inventory is rising but U.S. copper accounts for a high proportion, and the tight balance of fundamentals persists. Copper prices are expected to continue fluctuating broadly in the short term.

1、 Price trend

This week (3.2-5), the domestic PVC market continued to show a strong trend, with a significant increase in futures leading to a rise in spot prices. Downstream work gradually resumed and exports rushed to support market sentiment. However, social inventory remains high, and there is still pressure for price increases. According to data from Shengyi Society, the SG-5 PVC carbide method in East China increased by 3.61% this week, and the current market price is in the range of 4850-4900 yuan/ton.
2、 Market analysis
On the supply side, the current operating rate of the PVC industry remains at about 80%, which is generally at a neutral to high level. The operating rate of the calcium carbide method has been slightly reduced, while the ethylene method has slightly increased. Some enterprises have maintenance plans, and the marginal pressure on supply has been alleviated.
On the demand side, the operating rate of downstream pipe and profile enterprises has rebounded to over 60%, and the operating rate of soft products and packaging has also exceeded 60%, gradually releasing the demand for essential goods; Affected by the upcoming cancellation of export tax rebates, there was a rush to sign foreign trade orders in March, which provided certain support to the market.
In terms of inventory, domestic PVC companies have a stock of 504000 tons, a slight decrease compared to the previous period, but social inventory still reaches a high of 1.353 million tons, which is at a high level in recent years, an increase of 58% year-on-year, and is still an important factor restricting the sustained strengthening of prices.
On the cost side, the price of raw material calcium carbide is running weakly. According to data from Shengyi Society, the price of calcium carbide has fallen by 0.65% in March, and the cost support for calcium carbide PVC has weakened; The cost of ethylene production is greatly affected by fluctuations in international crude oil and ethylene prices.
3、 Future forecast
Overall, Business Society believes that. In the short term, PVC has shown strong performance driven by the strengthening of crude oil, downstream resumption of work, export rush, and partial maintenance. However, the pattern of high inventory and supply exceeding demand has not changed, and it is expected that the future market will mainly be volatile, with limited sustained upward momentum.

This week, the melamine market was affected by the geopolitical event in the Strait of Hormuz and the resonance of domestic spring farming demand, resulting in a rapid upward trend in prices, presenting a cost dominant, supply-demand tight, and high-level oscillation pattern, becoming a strong product in the chemical sector.

1、 Market performance
As of March 4th, the benchmark price of melamine in Shengyi Society was 6150 yuan/ton, with a weekly increase of 3.02% and a cumulative increase of 4.05% in the past 5 days. The price has hit the high range of the year. Domestic mainstream factories have raised their quotations by 50-350 yuan/ton, resulting in tight spot circulation and sufficient orders from manufacturers. The focus of transactions has steadily shifted upwards, and downstream industries such as sheet metal and adhesives are following up as needed, with strong ability to handle urgent needs.
2、 Core driver
The passage through the Strait of Hormuz is blocked, Iran’s methanol exports are restricted, and 60% of China’s imported methanol relies on Middle Eastern sources. The daily increase in methanol spot prices exceeds 7%, directly pushing up the production cost of urea; Urea, as the core raw material of melamine, has been raised to 1800-1870 yuan/ton in the main production areas, forming a cost transmission chain of methanol → urea → melamine, providing strong support for the price of triamine. At the same time, the increase in crude oil and shipping costs further raises the cost center of the entire chemical industry chain.
Supply and demand fundamentals support
1. Supply side: The industry’s operating rate remains at 55% -60%. After the Spring Festival, some equipment maintenance has not been fully restored, and the pace of new capacity release is relatively slow. The market’s spot supply is limited, and manufacturers’ reluctance to sell is heating up.
2. Demand side: After the holiday, the sheet metal and molding plastic industries have fully resumed work, and spring plowing and fertilizer preparation have driven the peak season of urea demand. Downstream demand for replenishment has been released, and the market is supported by basic needs, with no obvious pressure to accumulate inventory.
Dual support of cost and emotion
The support for the peak season of urea spring plowing has not subsided, coupled with the geographical premium of methanol, the cost side of melamine continues to strengthen; The market has a strong bullish sentiment, and traders are moderately stocking up, further boosting prices and forming a positive cycle of “cost increase → quotation increase → transaction follow-up”.
3、 Market risk
The upward trend in the market is still subject to multiple constraints: the overcapacity pattern of melamine in China has not changed, and the resumption of production and the introduction of new production capacity in the future will suppress the increase; The downstream demand for sheet metal is moderately recovering, and high prices may trigger resistance; If the Strait of Hormuz resumes operations, the decline in methanol will weaken cost support; At the same time, urea is subject to supply guarantee and price limit constraints, which indirectly limits the upward potential of triamine.
4、 Trend prediction
Short term (mid March): Strong fluctuations at high levels, with a price range of 6100-6400 yuan/ton. The geopolitical premium has not dissipated, supported by urea spring plowing and tight supply, and the upward trend continues but narrows.
Mid term (late March to April): gradually peaking and falling back. The demand for spring plowing has receded, urea has weakened, coupled with a rebound in supply, cost support has weakened, prices have returned to fundamentals, and the fluctuation range has moved down to 5800-6100 yuan/ton.

In recent times, the geopolitical situation in the Middle East has suddenly escalated, and shipping safety risks in the Strait of Hormuz have intensified. International crude oil prices have surged significantly, leading to the overall strengthening of energy driven sectors. As an important synthetic rubber variety downstream of crude oil, butadiene rubber (BR) has seen a significant increase driven by cost and sentiment.

According to the Commodity Market Analysis System of Shengyi Society, as of March 3, the market price of butadiene rubber in East China was 13670 yuan/ton, an increase of 5.07% from 13010 yuan/ton at the beginning of the month. Mainly affected by increased inventory, decreased raw material prices, and insufficient downstream production after the holiday.
The surge in crude oil prices has opened up space for cost increases
The Middle East conflict directly impacts the global energy supply chain, with Brent crude oil and domestic crude oil futures soaring significantly. The price of raw materials for butadiene rubber has risen, providing solid bottom support for butadiene rubber. According to the Commodity Market Analysis System of Shengyi Society, as of March 3rd, the price of butadiene was 10293 yuan/ton, an increase of 3.00% from 9993 yuan/ton at the beginning of the month.
On the 3rd, the futures of Shunding rubber significantly jumped short and opened high, and the spot market followed suit positively. Mainstream suppliers such as PetroChina and Sinopec raised their ex factory prices, while spot prices in East China, North China, and Shandong collectively rose, and the weekly increase significantly expanded.
High inventory pressure, slow demand repair
After the holiday, the overall operation of domestic butadiene rubber plants will remain at 80% load, and the market supply is abundant. However, some plants are scheduled for maintenance in March, and there is a marginal contraction expectation on the supply side. But after the holiday, social inventory continued to accumulate to a high level, becoming the main suppressing factor for price increases and limiting the room for growth. Downstream tire companies are gradually resuming work and production, but the recovery is slow. In the early stage, overall procurement was mainly based on demand, and there is currently a weak willingness to chase after high prices. The demand side has not yet formed a strong driving force.
Overall, the recent rise in butadiene rubber prices is a result of both cost and emotional benefits brought about by the Middle East conflict, rather than a fundamental reversal in supply and demand patterns. Before the conflict clearly eases, crude oil is prone to rise but difficult to fall, and the pattern of strong fluctuations in butadiene rubber continues. However, high inventory and weak reality will lead to a fluctuating upward rhythm and significantly increased volatility.

In the evening session, Shanghai tin fell sharply, with the main contract falling more than 7% at one point. Today, the price center continued to shift downwards, and the main contract hit the limit down in the late session, with a drop of 12%, at 394890 yuan/ton.

The changes in the local geopolitical situation in Myanmar have not yet had a substantial impact on the production and transportation of tin mines. At the same time, substantial progress has been made in addressing the long-standing challenges that have hindered the development of Myanmar’s mining areas, and the Wa State region may be expected to achieve full resumption of production. In addition, the geopolitical situation in the Middle East continues to escalate, and market panic is spreading, causing Shanghai tin prices to hit the limit down.
supply side
The resumption of tin mining in the Wa State of Myanmar is accelerating. On February 27, 2026, the Wa State Industrial and Mineral Management Bureau issued a notice on the cost allocation process related to deep mines, which detailed the cost sharing process, aiming to further promote the resumption of production in high-grade tin mining areas at low altitudes. With the re establishment of stable expectations for tin ore supply in Myanmar, the emotional factors that previously supported the market have weakened.
demand side
There is a clear trend of structural differentiation, with strong expectations for demand growth in emerging fields such as AI computing infrastructure and advanced packaging. However, traditional demand areas have shown a sluggish performance, and overall demand presents a significant feature of strong expectations and weak reality coexisting. In February, downstream consumption significantly contracted, and even after excluding the impact of the Spring Festival holiday, the actual demand level was only barely satisfactory. At present, tin prices are still relatively high in history, and the high cost pressure greatly inhibits the enthusiasm of end users to replenish inventory.
In terms of the spot market, the supply side situation is turbulent, and at the same time, macro risks have reappeared, resulting in significant price fluctuations and adjustments. Traders’ willingness to ship has increased, and the quantity of goods shipped has also increased; Although the terminal market has not fully resumed production, the low price advantage has attracted some users to make purchases. At present, the activity of the spot market has significantly increased compared to before, and according to market feedback, the trading situation has improved.
comprehensive analysis
The situation in Iran continues to escalate and ferment, and in this market situation, risk assets are easily killed by market sentiment. Currently, funds are mainly focused on chemical products, and Myanmar has accelerated the pace of resuming production. However, in the short term, due to factors such as tight raw material supply and expectations of production, there is still some support below, and it is expected that the market will maintain a high volatility trend. According to the monitoring of the commodity market analysis system of Shengyi Society, the 1 # tin ingot market in East China fell this week (3.1-3.3), with an average market price of 435060 yuan/ton at the beginning of the week and 411120 yuan/ton as of March 3, a decrease of 5.48%.

According to the analysis of the Business Society’s market monitoring system, on February 28, 2026, the reference market price for domestic silicon metal # 441 was 9540 yuan/ton. Compared to February 1 (the market price for silicon metal # 441 was 9650 yuan/ton), the price decreased by 110 yuan/ton, a decrease of 1.14%.

Supply and demand are weak in February, and the silicon metal # 441 market is experiencing a narrow decline
From the commodity market analysis system of Shengyi Society, it can be seen that in early February, the domestic market price of metal silicon 441 # showed range oscillation. At the beginning of the month, some areas stopped work for maintenance, resulting in a reduction in on-site supply and a narrow increase in the market price of silicon metal 441, with an increase of 10-50 yuan/ton. However, due to cautious demand and limited market price increases, the market has fallen. On February 14th, the reference market price for metal silicon 441 # in East China was 9300-9600 yuan/ton.
Returning from the holiday, the metal silicon market still lacks effective support, and loose supply and demand transmission still exists. The overall focus of market price negotiations has declined. On February 28th, the reference price for the metal silicon market in East China was 9200-9500 yuan/ton, with a decrease of about 100 yuan/ton in the latter half of the year.
fundamental analysis
On the supply side: In February, the overall production of metallic silicon in China was at a low level, and the supply side showed a contraction. However, some factories did not have a strong willingness to lower prices, and the transmission effect on the supply side was average.
In terms of demand: In February, the downstream demand for metallic silicon showed average follow-up performance, and the organic silicon market was in the off-season, with limited performance in raw material procurement and stocking. The demand for polycrystalline silicon was cautious, with a focus on essential procurement. Overall, the purchasing enthusiasm in the end market was not strong, and the overall stocking performance was rational.
Market analysis in the future
The overall demand recovery of the metal silicon market after the holiday is slow, and the downstream inquiry atmosphere is light. The metal silicon data analyst of Business Society predicts that the weak supply-demand pattern in the metal silicon market will continue in the short term. By mid March, the inquiry atmosphere in the metal silicon market may improve, and the overall market demand will steadily increase. More attention needs to be paid to changes in supply and demand news.

According to the monitoring of the commodity market analysis system of Shengyi Society, the magnesium ingot market in Shaanxi Province rose this week (2.24-2.28), with an average market price of 16550 yuan/ton at the beginning of the week and 16750 yuan/ton at the end of the week, an increase of 1.21%.

The magnesium market continues to steadily recover after the holiday, with prices showing a moderate upward trend. The mainstream transaction price of Mg99.90 raw magnesium has risen by about 200 yuan/ton since the market opened after the holiday. As of February 27th, the mainstream ex factory cash price including tax in Shaanxi production areas has risen to 16600-16700 yuan/ton. The overall market is in a tight supply-demand balance state: there is a strong reluctance to sell on the supply side, and spot circulation is tight; Downstream enterprises on the demand side are resuming work and accelerating, but the replenishment of inventory has not yet been fully released. New orders are mainly delivered before the holiday. The high cost provides a solid bottom support for prices, and it is expected that magnesium prices will continue to rise slightly next week as downstream production resumes comprehensively.
supply side
The production end remains stable. Magnesium smelting enterprises in the main production areas of Shaanxi and Shanxi have maintained normal production without large-scale maintenance or shutdown. According to research, the comprehensive operating rate in the main production areas is about 75% -80%, which is basically the same as before the holiday. Some companies have reported that due to sufficient pre-sale orders before the holiday, the current focus is on executing pre orders, and the available resources for spot sales are limited. The reluctance to sell drives up the quotation. Affected by cost support and optimistic expectations for the future market, factories are generally reluctant to sell at low prices.
Demand side:
Downstream processing enterprises resume work in an orderly manner. As the impact of the Spring Festival holiday fades, the return rate of employees in processing enterprises such as magnesium alloy and magnesium powder has increased, and most enterprises have returned to 60% -70% of their normal production level. However, the procurement pace is relatively cautious, mainly constrained by two factors: first, the pre holiday inventory is still being digested, and the enterprise has not yet started large-scale replenishment; Secondly, there is a wait-and-see attitude towards the current continuously rising prices, hoping to purchase after the prices stabilize. This week’s spot market transactions were mainly based on pre holiday order deliveries, with relatively light new order transactions, but the activity of inquiries has significantly increased compared to last week.
comprehensive analysis
Overall, the magnesium market has steadily advanced in the post holiday recovery channel this week, with tight supply-demand balance and cost support jointly driving prices up moderately. With the traditional peak consumption season approaching in March, the market is expected to usher in a pattern of strong supply and demand, and magnesium prices have the foundation to continue to rise.

According to data from Shengyi Society, the rise of non-ferrous metal tin was particularly prominent in the commodity market on February 27th. The early tin price was reported at 431640 yuan/ton, up 14.06% from 378420 yuan/ton before the holiday. The stock market linkage effect is obvious, with both Tin Industry Co., Ltd. and Huaxi Nonferrous Metals hitting the daily limit up today.

The significant increase in tin prices is driven by a combination of tight supply, explosive demand, low inventory, and capital resonance.
On the supply side, the resumption of production in the Wa State mining area in Myanmar fell short of expectations, while about 70% of China’s tin concentrate relies on imports from Myanmar; Combined with the tightening of export quota control and slowing down of approvals in Indonesia, the world’s second largest tin exporting country, the increase in overseas supply continues to be restricted. Data shows that in January 2026, global tin ore production decreased by 8.3% year-on-year, and China’s tin concentrate imports decreased by 15% month on month.
On the demand side, market expectations continue to improve: the amount of tin used for a single AI server is 3-5 times that of traditional models, HBM、 Advanced packaging significantly increases unit tin consumption; New energy vehicles use three times more tin per vehicle than traditional fuel vehicles; Due to the strong demand for electronic soldering and semiconductor packaging, downstream stocking is active and traders are reluctant to sell, further driving up prices.
At the same time, the attribute of tin as a key strategic metal has been re recognized by the market, attracting speculation and allocation funds to enter, driving the price of tin ingot futures to strengthen.
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