According to the Commodity Market Analysis System of Shengyi Society, the formic acid market maintained stable operation in early April. As of April 7th, the average price of 85% industrial grade formic acid in China was 3400 yuan/ton, unchanged from April 1st and up 15.25% from 2950 yuan/ton at the beginning of the year.
In recent times, the domestic industrial grade 85% formic acid market has experienced limited fluctuations, with many companies shipping according to market conditions and quoting prices ranging from 3200-3500 yuan/ton. Recently, the sulfur content in the raw material sulfuric acid market has risen from a low point to a high point by 323.5 yuan/ton to 682.5 yuan/ton, an increase of 90.11%. The raw material methanol has fluctuated and stabilized in a narrow range, with neutral cost support. Downstream industries such as pharmaceuticals, rubber, leather, and pesticides have a strong demand for raw material procurement, and market trading is orderly. The focus of negotiations in the formic acid market is generally stable.
The formic acid analyst from Shengyi Society believes that the current cost support still exists, and the supply and demand performance is average. It is expected that the domestic industrial grade formic acid market will stabilize and consolidate in the short term, and more attention should be paid to changes in demand.

According to the Commodity Market Analysis System of Shengyi Society, as of April 3, 2025, the reference price of n-butanol in Shandong Province, China is 6716 yuan/ton. Compared with March 27 (reference price of n-butanol is 6633 yuan/ton), the price has increased by 83 yuan/ton, an increase of 1.26%.
Entering April, this week, the n-butanol market in Shandong, China, experienced a narrow upward trend. During the week, the low-end price of n-butanol in Shandong region increased, and some large factories narrowly raised the shipment price of n-butanol by 50-100 yuan/ton. As of April 3rd, the reference price for n-butanol market in Shandong region is around 6700-6800 yuan/ton.
Analysis of Market Factors
In terms of supply and demand: This week, the devices that were planned to be shut down for maintenance have started to be repaired one after another. The overall supply of n-butanol in the field has been reduced, and the supply side has provided enhanced market support. Downstream users mainly purchase for essential needs, and some users stock up on dips, resulting in an overall improved trading atmosphere. During the week, there was an overall improvement in the transmission between supply and demand.
Market analysis in the future
At present, the market is providing more support for n-butanol than in the previous period, and the mentality of industry players has improved. Overall inquiries have been boosted. The n-butanol data analyst from Business Society believes that in the short term, the domestic n-butanol market will mainly operate in a stable to strong direction, and the specific trend still needs to pay more attention to changes in supply and demand.

The price of ethylene glycol fell in March
The price of ethylene glycol will decrease in March 2025. According to data from Shengyi Society, as of March 31, the average price of domestic oil to ethylene glycol was 4521.67 yuan/ton, a decrease of 3.42% from the average price of 4681.67 yuan/ton on March 1.
On March 31, 2025, the basis of Zhangjiagang ethylene glycol spot contract was relatively high, and the transaction price range for this week’s contract was between 4470-4504 yuan/ton (excluding collective transactions). This week’s spot contract basis quotation is+42 to+46, next week’s spot contract basis quotation is+51 to+53, and April’s spot contract basis quotation is+65 to+67.
The spot price of domestic coal to polyester grade ethylene glycol (loose water, tax included, self pickup) per unit is 4220-4250 yuan/ton.
In terms of external ethylene glycol, as of March 31st, the landed price of ethylene glycol in China is 524-528 US dollars/ton, and the landed price of ethylene glycol in Southeast Asia is 536 US dollars/ton.
Port inventory fluctuated horizontally in March
From January to mid February, there was a significant accumulation of ethylene glycol inventory in the port, and in March, the port inventory fluctuated horizontally. On March 27, 2025, the total inventory of ethylene glycol in the main port of East China was 680000 tons, an increase of 8800 tons compared to the total inventory of 671200 tons on March 3; Compared to December 30, 2024, the total inventory was 397300 tons, an increase of 282700 tons.
The main reasons for the weak downward trend of ethylene glycol in March are as follows:
In March, due to the decline in raw material prices, coal to ethylene glycol production was boosted by profits, resulting in unexpected spring inspections and delayed maintenance of some parts.
The estimated arrival volume at the port in March is around 650000 tons, and the import supply is also relatively sufficient.
Under the high production of downstream polyester, the demand increase is limited, and the terminal expectations are weak, resulting in negative feedback on the expected raw material ethylene glycol.
The main reasons for the expected rebound in ethylene glycol prices in April are as follows:
Recently, international crude oil prices have stopped falling and rebounded, and the drag of cost has slowed down. Coupled with the significant decline in ethylene glycol, the downward space has narrowed.
Starting from April, the planned maintenance volume for spring inspections has increased, and the expected domestic supply of ethylene glycol has weakened.
There is a maintenance plan in April, and it is expected that the production of ethylene glycol from synthetic gas will be around 550000 tons in April.

According to the Commodity Market Analysis System of Shengyi Society, the PP market in March was in a consolidation operation, and the price adjustment range of most brand products was relatively narrow. As of April 1st, the mainstream offer price for wire drawing by domestic producers and traders is around 763.33 yuan/ton, which has increased or decreased by 0.62% compared to the price level at the beginning of March.
price trend
In terms of raw materials:
At the end of February and the beginning of March, the geopolitical conflict in Eastern Europe eased, and the news of oil producing countries’ plans to increase production also affected the trend of PP’s upstream crude oil. In late March, some potential negative factors were digested, and oil prices rebounded from low levels. However, due to the negative transmission of crude oil in the early stage and the drag of lower than expected trading, the spot price of propylene broke through and fell during the month. The price of propane mainly fluctuates with crude oil, while inventory is relatively low, and overall it is operating steadily. Overall, the PP raw material market in March showed mixed ups and downs, providing moderate support for PP costs.
Supply side:
After the increase in domestic PP enterprise load in March, there was a pullback, and the market supply remained generally abundant. Overall, the industry’s overall load level has decreased by about 1% to 76% compared to the beginning of the month, and the domestic weekly average production has returned to nearly 730000 tons by the end of the month. The interval is in the stage of capacity implementation blank, and some enterprises have reduced their load to varying degrees due to maintenance tasks within the month. In terms of the future market, there have been mutual occurrences of maintenance and resumption of work recently. Domestic supply is generally abundant and stable. The supply side’s support for PP spot prices has flattened.
In terms of demand:
In March, the demand side of PP slowly improved, with on-site insurance holding essential needs. In terms of plastic weaving, the consumption level of terminal enterprises has generally stabilized. The demand for PP in fields such as architecture and agriculture is slowly increasing with the warming temperatures. Buyers tend to maintain production through scattered small orders in their purchasing operations. Although there has not been a significant increase in new orders in the market, the benefits are due to factors such as policies, which continue to release consumer willingness. Overall, the demand side performance of PP in March was decent, but due to the background of weak overseas macroeconomics and the impact of US tariffs, there was a significant breakthrough in export resistance.
Future forecast
In March, the domestic PP market prices remained stable with slight increases. From a fundamental perspective, the overall performance of upstream raw materials in supporting PP is average, with slight fluctuations in industry supply, strong demand support in consumption, market supply-demand competition, and a temporary balance between long and short positions. In the short term, the PP market is moving moderately, and the price trend may continue to consolidate.

According to the Commodity Market Analysis System of Shengyi Society, the domestic 1 # lead ingot market will rise in March 2025, with an average price of 17005 yuan/ton at the beginning of the month and 17225 yuan/ton at the end of the month, a monthly increase of 1.29%.
On March 30th, the Business Society Lead Index was 105.44, unchanged from yesterday, a decrease of 21.32% from the highest point of 134.01 points (November 29, 2016) during the cycle, and an increase of 41.28% from the lowest point of 74.63 points on March 19, 2015. (Note: The cycle refers to the period from September 1, 2011 to present)
K-bar chart of commodity prices, using the concept of price trend K-line, in the form of a bar chart, reflects the weekly or monthly price changes. Investors can make buying and selling investments based on the changes in the K-bar chart. Red indicates an increase; Green indicates a decline; The height of the K-pillar represents the range of rise and fall.
On a macro level, in early March, the news of the United States imposing tariffs continued to have an impact on the market, leading to increased concerns and subsequently suppressing the trend of non-ferrous metal futures. At the same time, the convening of China’s “Two Sessions” has brought a series of policy measures aimed at promoting consumption.
In March, both the supply and demand sides of the lead market showed a growth trend, and did not encounter any significant negative factors. During this period, heavy pollution weather warnings in the Beijing Tianjin Hebei region and its surrounding areas were lifted, easing environmental pressure. Environmental inspections are currently underway in the Anhui region, which has had a certain impact on the supply of lead in the market. In addition, the newly built recycled lead production capacity in Jiangsu has been put into operation as planned, providing additional supply to the market, resulting in periodic fluctuations in lead market supply.
The electric bicycle and automobile markets are actively promoting the “trade in” promotion activity, which has driven the sales of some complete vehicles and their supporting batteries to recover, thereby alleviating the concerns of production enterprises about the off-season market. The production of lead-acid battery enterprises remains relatively stable as a result. After the drop in lead prices, some companies seized the opportunity to make bargain hunting purchases, but overall, the market’s purchasing willingness remains relatively flat.
Overall, from the perspective of spot supply, the production of primary lead and recycled lead is expected to show a downward trend, especially considering that delivery brand enterprises are about to undergo equipment maintenance, the supply of lead ingots in mainstream production areas will decrease. Therefore, refineries may maintain a high price strategy when shipping. Pay attention to changes in supply in the short term.