According to the monitoring of the commodity market analysis system of Shengyi Society, as of April 27th, the price of 0 # zinc was 23186 yuan/ton, an increase of 2.94% compared to the zinc price of 22524 yuan/ton on April 21st.
This week’s market analysis
This week, zinc prices have shown a strong upward trend. The trend is coherent and stable, with no significant price pullback during the period, which indirectly confirms the relatively stable performance of the current market demand and strong support from the overall demand fundamentals.
Raw material end
This week, the refinery’s raw material reserve is relatively abundant. The weekly processing fees for domestic and imported zinc concentrates have remained stable without significant fluctuations. Recently, there has been a certain degree of recovery in the comparison between domestic and foreign prices, which has led to an increase in the quoted quantity of imported zinc. However, due to careful consideration of the subsequent zinc price trend, the smelter’s purchasing intention is not strong and their attitude is relatively cautious. Some responsible persons of smelters have revealed that although the current processing fees remain stable, considering the uncertainty and volatility risks of zinc prices in the future, as well as potential instability factors in the raw material supply chain, there are currently no plans to significantly increase the amount of raw material procurement.
Supply and demand side
In terms of current market trends, zinc processing fees continue to rise and there is still no sign of a trend reversal. The high level of processing fees has brought considerable profit margins to smelting enterprises, which objectively effectively mobilizes the production enthusiasm and enthusiasm of smelting plants. The supply of zinc ingots and other products in the future is highly likely to maintain a stable and increasing trend.
On the demand side, as we enter April, the traditional peak season characteristics of the construction industry are beginning to emerge, and the demand for galvanized steel has increased to a certain extent. Under this driving force, the enthusiasm of galvanizing enterprises for production is high, and the operating rate is increasing accordingly. Downstream buyers are highly price sensitive when faced with galvanized products, frequently lowering prices to reduce costs, which puts considerable pressure on galvanized enterprises and seriously restricts their willingness to further expand zinc demand. Galvanizing enterprises mainly purchase zinc ingots for essential needs.
comprehensive analysis
It is expected that the zinc price will fluctuate and run weakly next week.

According to the monitoring of the commodity market analysis system of Shengyi Society, as of April 11th, the price of lead 1 # was 16795 yuan/ton, a decrease of 0.56% from the lead price of 16890 yuan/ton on April 7th.
This week’s market analysis
This week, lead prices were affected by macro factors and operated weakly.
Starting from 12:00 on April 10th, China will impose tariffs on all imported goods originating from the United States. The adjustment of tariff rates between China and the United States this time far exceeded market expectations, and the impact of macro factors continues to ferment and expand. Market risk aversion has significantly increased, and the non-ferrous metal sector as a whole has shown a general downward trend. In terms of the lead industry chain, the impact of this tariff increase is relatively significant. On the one hand, the United States is the main source of lead concentrate imports for China, and tariff adjustments will to some extent push up the cost of lead smelting; On the other hand, the export of lead-acid batteries for automobiles has also been affected, and tariff changes may have adverse effects on the export business of related battery products.
supply end
The profitability of the domestic primary lead smelting industry has significantly improved, and smelters have successfully overcome losses and achieved profitability, with profit margins gradually expanding. In this context, the production enthusiasm of smelters is high, and the power to release production capacity is abundant. It is expected that the production of primary lead will maintain a steady growth trend. In the field of recycled lead, due to the continuous rise in the market price of lead waste and the tightening supply of raw materials, recycled lead production enterprises are facing a sudden increase in cost pressure, or production cuts may occur due to difficulty in bearing the heavy cost burden.
demand side
The current domestic policy effectiveness continues to be released and forms long-term support. It is necessary to focus on the recovery of the terminal consumer market for electric bicycles (electric scooters) and the dynamic changes in the production and sales scale of the automotive industry. The marginal driving effect of these two fields on the demand for lead materials may become a key driving force to support the stabilization and improvement of the lead market.
comprehensive analysis
The supply and demand pattern of the lead industry itself is tightening in the short term, and lead prices may show a weak oscillation pattern of “macro downward traction and fundamental bottom support”. It is necessary to closely monitor the progress of subsequent smelter maintenance and the effectiveness of policy implementation.

According to the monitoring of the commodity market analysis system of Shengyi Society, the 1 # tin ingot market in East China fell this week (4.7-4.11), with an average market price of 277430 yuan/ton at the beginning of the week and 253630 yuan/ton at the end of the week, a weekly decline of 8.58%.
Fundamentally, in terms of supply at the mining end, the tin mines in the Wa State of Myanmar were affected by the earthquake on March 28th, and the originally planned resumption of production was postponed to the third quarter; The Bisie mine in the Democratic Republic of Congo adopts a phased resumption strategy.
At the macro policy level, the Shanghai tin market experienced its largest weekly decline of the year due to the impact of the US announcement of tariffs on China on April 8th, and the London Metal Exchange (LME) tin price also fell in sync. On April 11th, the United States announced tariff exemptions for electronic products such as smartphones and computers, which improved market sentiment.
The dynamics of the spot market show that at the beginning of the week, panic triggered a wave of selling in the market, resulting in an expansion of the spot discount. However, as prices hit bottom, downstream companies gradually released their demand to replenish inventory at low prices, and the spot premium trend gradually recovered to near the normal level. The market transaction activity in major trading regions such as Guangdong and Shanghai significantly increased.
In terms of inventory, there is a trend of accumulated inventory in China, with the total social inventory increasing to 12000 tons and the inventory on the Shanghai Futures Exchange rising to 10377 tons. This phenomenon is mainly attributed to the inhibitory effect of high tin prices on demand, as well as the continuous inflow of imported tin ingots. In contrast, overseas inventory continues to decrease, and LME inventory has dropped to 3140 tons.
comprehensive analysis
Although macro level risk factors have not completely dissipated in the short term, the long-term support effect formed by the rigid supply gap in the mining sector and the growth of demand in emerging industries will still provide key support for the trend of tin prices.

According to the monitoring of the commodity market analysis system of Shengyi Society, the average price of LLDPE (7042) was 7676 yuan/ton on April 17 and 7566 yuan/ton on April 25, a decrease of 1.43% during this period. LDPE (2426H) had an average price of 9200 yuan/ton on April 17th and 9100 yuan/ton on April 25th, a decrease of 1.09% during this period. HDPE (2426H) had an average price of 8170 yuan/ton on April 17th and 8107 yuan/ton on April 25th, a decrease of 0.76% during this period.
Recently, the price of polyethylene has continued to decline weakly, and the market trend is weak. The cost support is unstable, and business operators lack confidence in the future market. The pressure on the supply side is still ongoing, and there are plans to increase production capacity in the second quarter; Downstream demand follow-up is insufficient, overall performance is average, support is limited, merchants mainly offer discounts for shipments, and quotations are weak. The supply pressure is still there, and the peak season for agricultural film has passed. It is expected that polyethylene will continue to operate weakly.

According to the Commodity Market Analysis System of Shengyi Society, the domestic adipic acid market has continued to weaken since mid April. On April 14th, the average price of adipic acid in the domestic market was 7533 yuan/ton. On April 23rd, the average price of adipic acid in the domestic market was 7216 yuan/ton, a decrease of 4.2%.
Negative sentiment suppresses weak decline in adipic acid market
After mid April, pure benzene, the raw material for adipic acid, experienced weak fluctuations, while the market for cyclohexanone raw material declined. The demand in the terminal industry was poor, and manufacturers in the adipic acid market had loose supply, resulting in a continuous decline in shipping prices and a decline in market transactions, with average sales. As of April 23rd, the average market price of adipic acid has fallen to 7100-7300 yuan/ton, with an overall decrease of about 200-300 yuan/ton.
An analyst from Shengyi Society believes that by the end of April, terminal demand was sluggish and supply pressure remained, and the domestic adipic acid market may continue to decline.