According to the Commodity Market Analysis System of Shengyi Society, the price of acetic acid continued to rise in March. As of March 31, the average market price was 4140.00 yuan/ton, an increase of 1343.33 yuan/ton compared to the beginning of the month’s acetic acid price of 2796.67 yuan/ton, with a monthly increase of 48.03%.
The acetic acid market rose strongly in March, and the price of acetic acid continued to rise. Due to the impact of geopolitical conflicts, the price of raw material methanol has been running at a high level, and the cost side has provided strong support for the price of acetic acid, leading to a significant increase in the acetic acid market; The operating load of some acetic acid plants on the supply side is not full, the operating rate of acetic acid is not high, the inventory of enterprises is relatively low, and manufacturers have a strong intention to increase prices; On the downstream side, the prices of products such as acetic anhydride and ethyl acetate continue to rise, and the demand side has strong support for acetic acid. Under the influence of multiple favorable factors, the price of acetic acid rose strongly within the month.
The downstream acetic anhydride market is operating strongly, with the average ex factory price of acetic anhydride rising from 4540.00 yuan/ton to 6162.50 yuan/ton from March 1st to 31st, an increase of 35.74%. The production of acetic anhydride on the supply side is stable, and there is not much inventory pressure on the enterprise. Downstream follow-up is mainly based on demand. The price trend of raw material acetic acid is strong, and cost support is favorable. Acetic anhydride is affected by upstream factors and operates at a high price, resulting in a strong upward adjustment of acetic anhydride prices within the month.
The raw material methanol market rose strongly in March. As of March 31st, the average market price was 3356.67 yuan/ton, an increase of 52.58% compared to the beginning of the month price of 2200.00 yuan/ton. Affected by geopolitical conflicts, methanol imports have shrunk, and methanol prices in the port market have risen, driving up spot market prices. At the same time, some methanol companies continue to reduce inventory, local olefin external procurement demand and downstream demand are gradually recovering, which supports the strong rise in methanol prices.
Market forecast: Business analysts believe that the current operating rate of acetic acid plants is not high, and enterprise inventory is relatively low. Some plants are expected to undergo maintenance in April, and the supply side will continue to be tight. The downstream market is strong, and demand support is strong. It is expected that the short-term acetic acid market will continue to rise, and specific attention will be paid to changes in market supply and demand.

After the high platform volatility of silver prices at the end of December 2025, the price surged violently in January, continued to fall in March, and stabilized and rebounded at the end of the month. According to the Commodity Market Analysis System of Shengyi Society, the market price of silver on March 31, 2026 was 18373 yuan/kg, a decrease of 20.10% from the spot price of 22994.67 yuan/kg at the beginning of this month (3.1).
In March 2026, the silver market experienced a severe correction, with prices plummeting significantly. The significant drop in silver prices this time was not caused by a single factor, but rather by the resonance of multiple factors such as macro policies, market funds, geopolitical situation, and industrial demand. The specific reasons are analyzed as follows:
1、 Macro policy leadership: The hawkish stance of the Federal Reserve has strengthened, and expectations of interest rate cuts have completely cooled down
Silver has both financial and industrial properties as a precious metal, and its price trend is highly linked to the Federal Reserve’s monetary policy and real interest rate levels. The hawkish policy shift of the Federal Reserve is the core driving factor behind the decline of silver this time. After the March FOMC meeting of the Federal Reserve, Powell and several Fed officials intensively released hawkish signals, clearly stating that the current inflation stickiness has not eased and will maintain high interest rates in the long run. They even mentioned discussing the possibility of interest rate hikes, completely compressing the room for interest rate cuts in 2026. The market’s expectation for interest rate cuts within the year has sharply decreased from three at the beginning of the year to less than one, and the first interest rate cut has also been postponed from June to around December. Due to silver being an interest free asset, the holding cost is positively correlated with the interest rate level. The expectation of high interest rates continues to raise the holding cost, leading to a large amount of speculative funds withdrawing from the silver market and turning to assets with more stable returns such as the US dollar and US bonds, directly laying the main tone for the monthly decline in silver prices.
2、 Pricing suppression: The strong upward trend of the US dollar index further amplifies the downward pressure
As a precious metal priced in US dollars, silver prices usually show a negative correlation with the US dollar index, and the strong rise of the US dollar in March further exacerbated the downward trend of silver. Supported by the hawkish policies of the Federal Reserve, positive economic data from the United States, and the geopolitical conflict in the Middle East driving up energy prices and the demand for safe haven in the US dollar, the US dollar index continued to strengthen in March, breaking through the 105.5 mark at one point and reaching a new high in nearly 10 months. The strengthening of the US dollar not only directly compresses the pricing space of silver, leading to a passive decline in silver prices, but also triggers global capital inflows into US dollar assets, further exacerbating the outflow pressure on the silver market. This is also an important reason why silver fell significantly more than gold in March.
3、 Market capital disturbance: profit taking stacking and high leverage trampling, accelerating price decline

Silver’s annual increase in 2025 is expected to reach 130% -147%, with the highest reaching $117.7 per ounce, accumulating a large amount of short-term profit opportunities; At the same time, the size of the silver market is only 1/10 of that of gold, with a leverage ratio of over 35%, which inherently has high volatility. After the hawkish signal from the Federal Reserve was released in March, early profits were concentrated and liquidated, coupled with high leverage long positions triggering programmed stop loss, forming a phased selling wave. Among them, on March 19th, there was an extreme situation of selling $38 billion within 28 minutes, with a single day drop of 12%, further triggering panic selling in the market and accelerating the decline of silver prices. In addition, the continuous reduction of holdings in the world’s largest silver ETF also confirms the trend of fund withdrawal, further driving down silver prices.
4、 Abnormal geopolitical situation: the support for hedging has failed, and the pressure has intensified in the opposite direction
Since March, the situation in the Middle East has continued to escalate, with the confrontation between the United States and Iran in the Red Sea and Syria intensifying. Shipping in the Strait of Hormuz has been obstructed, pushing international oil prices above $110 per barrel. But unlike the traditional logic of “buying precious metals in troubled times”, this geopolitical conflict did not provide effective support for silver prices, but instead formed an abnormal transmission chain: rising oil prices → strengthening inflation expectations → central bank maintaining high interest rates → silver under pressure. Due to the weaker hedging properties of silver compared to gold, and the dual suppression of inflation stickiness and high interest rate expectations, the hedging buying push brought by geopolitical conflicts is limited, unable to offset the negative pressure at the macro level and prevent the downward trend of silver prices.
5、 Weakened industrial demand: insufficient short-term support, difficult to form effective bottom support
Although in the long run, the global silver supply and demand gap is expected to widen to 130-145 million ounces by 2026, marking the sixth consecutive year of shortage, and industrial demand in areas such as photovoltaics, new energy vehicles, and AI data centers continues to grow, the short-term support for industrial demand in March has shown marginal weakening. Global manufacturing PMI data shows that orders in core industrial silver fields such as photovoltaics and electronics manufacturing have weakened month on month, and the growth rate of photovoltaic installed capacity has briefly slowed down. Coupled with some photovoltaic companies promoting “de silvering” technology, the short-term industrial buying has insufficient support for silver prices. At the same time, market concerns about the global economic recovery falling short of expectations have also cooled down expectations for industrial demand growth, further weakening the industrial attribute support of silver.
Summary and Future Prospects
In summary, the significant drop in silver prices in March 2026 is the result of short-term negative factors such as the hawkish policies of the Federal Reserve, the strong rise of the US dollar, and the stampede of funds, which resonate with the weakening of short-term support for industrial demand. In the short term, if high interest rate expectations and the strong pattern of the US dollar continue, silver prices will still face downward pressure; In the long run, core factors such as the widening global silver supply and demand gap and the growth of industrial demand will still provide bottom support for silver prices. The subsequent trend mainly depends on the pace of the Federal Reserve’s policy shift, the recovery of industrial demand, and the evolution of the geopolitical situation.

price trend
In March 2026, the overall price of PA6 showed a trend of “rapid rise followed by high volatility”, mainly driven by strong cost support and tight supply, and the market was in a stalemate between cost and demand. The benchmark price of Shengyi Society rose from 10866.67 yuan/ton at the beginning of the month to 14033.33 yuan/ton at the end of the month, a monthly increase of 29.14%, and reached a high of 14500 yuan/ton at the end of the year. The trend is divided into two stages: a rapid increase driven by costs in the first half of the year, followed by a high-level stalemate and narrow range oscillation in the second half.
influencing factors
In terms of cost:
This month’s geopolitical conflict in the Middle East has pushed up crude oil prices, driving up pure benzene and rapidly transmitting cost pressures. As the core raw material of PA6, the price of Caprolactam (CPL) continues to rise, with a weekly settlement price of 12910 yuan/ton by Sinopec in late March. Although it has slightly decreased compared to the previous period, it is still at a high level. The tight supply and demand in the caprolactam industry, coupled with strong bargaining power, have solidified the bottom of PA6 costs.
Supply side:
This month, the early maintenance equipment in the domestic PA6 industry has gradually resumed, new production capacity has been released, and spot supply has steadily increased, but the overall situation is still relatively tight. The market’s low-priced supply has decreased, and traders have shown a clear reluctance to sell, with bargaining power leaning towards suppliers.
In terms of demand:
This month, the textile and chemical fiber industry has resumed work comprehensively, with a rebound in production and entering the post holiday replenishment cycle. However, the acceptance of high prices is low, and small orders are generally adopted for immediate use and procurement without centralized replenishment. Large orders are rare, and there is a strong wait-and-see attitude.
Market forecast:
In the short term, it is expected that the PA6 market will experience high-level fluctuations and a slight upward shift in focus. The cost side still has strong support and is difficult to fall significantly in the short term; The slow recovery of demand makes it difficult to drive a unilateral surge or maintain narrow fluctuations. If geopolitical conflicts ease, crude oil and pure benzene fall, or downstream demand continues to shrink, prices may experience a slight correction; But the probability of a significant short-term decline is low.

According to the monitoring of the commodity market analysis system of Shengyi Society, as of March 27th, the price of lead 1 # was 16405 yuan/ton, fluctuating and rising by 0.28% compared to the lead price of 16360 yuan/ton on March 23rd.
This week’s market analysis
The domestic lead market has shown a stable trend of narrow range strong oscillation and a slight upward shift in the center of gravity. Shanghai lead futures and spot prices have risen moderately in sync, without experiencing severe fluctuations. The core of the market is driven by four factors: rigid raw material costs, tight supply of recycled lead, depletion of social inventory, and downstream demand replenishment. The overall situation is in a balance of long and short positions with strong bottom support.
raw material end
Primary lead: tight supply of lead concentrate, low inverted processing fees
Domestic lead concentrate TC (processing fee) 250 yuan/metal ton, imported TC -135~-145 US dollars/dry ton, continuously inverted. The resumption of production in domestic mines is slow, and imported mines are affected by Australian shipments and geopolitical disturbances, resulting in an overall tight mining situation. The raw material procurement of the smelting plant is cautious, with a focus on replenishing inventory for urgent needs and no large-scale reserve inventory, resulting in rigid cost support.
Recycled lead: The price of waste batteries remains strong, but smelting is experiencing deep losses
Recycled lead refining enterprises generally suffer from deep losses (about -800 yuan/ton or more), with operating rates of only 30% -40%, and many places have reduced or stopped production. The contraction of recycled lead production and the decrease in spot circulation have become important bottom support for lead prices.
Supply and demand side
Native stability, weak regeneration, overall tightness. Primary lead, Yunnan and Hunan refineries are gradually resuming production, but the operating rate is only 60% -65%, and the output is moderately recovering. Regenerated lead: Loss restricts resumption of production, with a weekly operating rate of 39.57% and limited supply increment. Social inventory has slightly decreased from high levels, factory inventory is low, and spot circulation is tight. Smelters are reluctant to sell at low prices and have a strong willingness to raise prices, resulting in a rapid decrease in low-priced supply in the market.
The demand for batteries remains stable, with a mild recovery during peak seasons. The operating rate of downstream lead-acid batteries is 73% -74%, with a slight increase compared to the previous period. Procurement mode: small order, urgent need, on-demand purchase, fear of high but not absent, no centralized replenishment, limited price increase.
comprehensive analysis
The short-term lead price maintains a strong range of fluctuations, with limited downward space and restricted upward height. Focus on the production of recycled lead and the price of waste batteries: if losses improve, supply will rebound and lead prices will come under pressure; Conversely, it tends to be stronger.

According to the commodity analysis system of Shengyi Society, the domestic maleic anhydride market has seen a significant increase in recent times. As of March 23, the average market price of maleic anhydride remained at 8350 yuan/ton, an increase of 7.40% from 7775 yuan/ton on March 16.
On the supply side: The market for maleic anhydride fell last week and was significantly boosted at the beginning of this week, with prices from major factories continuing to decline; At the beginning of this week, Wanhua’s auction in East China saw a significant increase, with major manufacturers of maleic anhydride following suit. As of March 23rd, the factory price of solid anhydride in the maleic anhydride market in Shandong Province is around 8200 yuan/ton, while the factory price of liquid anhydride is around 8000 yuan/ton.
Upstream: Saudi Arabia’s CP price remained stable at $540/ton in March. Currently, geopolitical conflicts have affected subsequent butane transportation, resulting in high costs. At the beginning of the week, the international crude oil market rose, and the price of liquefied gas from Shandong refineries increased significantly. Domestic n-butane prices have risen to 7200 yuan/ton.
Downstream: The unsaturated resin market rose at the beginning of the week, mainly due to the significant increase in raw material maleic anhydride and the support of unsaturated resin costs. However, downstream enterprises are digesting their inventory and have a strong wait-and-see attitude, with procurement mainly focused on meeting basic needs.
According to the analyst of Shengyi Society’s maleic anhydride products, short-term domestic conflicts are still the main factor affecting the trend of maleic anhydride. The supply of raw material n-butane is tight, and the market has risen sharply, supporting the maleic anhydride market. However, the sustainability of downstream unsaturated resin high price orders is not good, and the recent maleic anhydride market may mainly fluctuate at a high level.