According to the monitoring of the commodity market analysis system of Shengyi Society, the 1 # tin ingot market in East China rose this week (4.1-4.30), with an average market price of 375920 yuan/ton at the beginning of the month and 386910 yuan/ton as of April 30th, an increase of 2.92%.
Technically speaking, the 10 day moving average crossed the 20 day moving average in the first half of the year, and the business social average (10 day moving average -20 day moving average) changed from negative to positive, releasing a clear upward signal. Subsequently, the mean difference remained positive, indicating that the short-term bullish trend was dominant; The average difference between mid month and end of month showed a positive narrowing, corresponding to a periodic price correction, which is a normal adjustment during the upward process and did not trigger a downward signal. At the end of the month, although the price slightly fell, it still remained above the 10 day moving average, and the strong pattern has not changed.
At the macro level, the marginal easing of expectations for the Federal Reserve’s interest rate hike and the weakening of the US dollar index have boosted the non-ferrous sector; The domestic manufacturing PMI continues to be in the expansion range, and the improvement in terminal consumption expectations also provides macro support for tin prices.
Supply and demand and raw material side
Tight supply supports price bottom: Myanmar’s tin ore imports remain low, and domestic smelters are constrained by raw materials, resulting in limited increase in operating rates and tight spot circulation; On the demand side, the marginal recovery of orders in the electronics industry, the recovery of semiconductor prosperity, and the demand for pre holiday replenishment by soldering companies have driven an improvement in spot trading. In terms of inventory, domestic social inventory remains low, and LME inventory as a whole is still at a low level in recent years, further strengthening price support.
comprehensive analysis
Short term tin prices will continue to maintain a strong oscillation pattern, with support around 380000 yuan/ton at the bottom and pressure at the integer level of 400000 yuan/ton at the top. It is necessary to pay close attention to changes in Myanmar’s mineral imports and electronic orders, and be alert to the risk of high-level pullbacks.

1、 Price trend
Taking the sulfuric acid method gold red stone titanium dioxide with a large volume of goods in the domestic market as an example, according to data monitoring by Business Society, the price of titanium dioxide in the domestic market rose in April. On April 1st, the average price of titanium dioxide was 15260 yuan/ton, and on April 27th, it was 17180 yuan/ton, with a price increase of 23.6%.
2、 Market analysis
The domestic titanium dioxide market prices rose in April. Starting from April 1st, the domestic price of chlorinated titanium dioxide products will be raised by 1000-1500 yuan/ton. On April 15th, Longbai sent a letter to raise the domestic price of titanium dioxide by 1500 yuan/ton and the international price by 200 US dollars/ton. Other manufacturers have followed suit and announced price increases one after another.
The main reason for this price increase is still the high price of sulfuric acid at the raw material end. Although raw material prices have fallen recently due to the international situation, the overall supply of sulfur in the domestic market is tight, and the shortage of spot resources is difficult to effectively alleviate in the short term. The continuous high price of sulfuric acid has become the main driving force behind the price increase of titanium dioxide.
As of now, the domestic quotation for sulfuric acid based pyrite type titanium dioxide is mostly between 16500-18000 yuan/ton; Sharp titanium type costs around 15000-16000 yuan/ton. Currently, the price increase in the titanium dioxide market is too frequent, and the validity period of the quotation is significantly shortened. The actual transaction price is negotiable on a case by case basis.
According to customs data statistics, the import volume of titanium dioxide in China in March 2026 was 5925.64 tons, a year-on-year decrease of 28.44% and a month on month increase of 68.43%; Among them, the import volume of chloride method titanium dioxide is 3754.33 tons, and the import volume of sulfuric acid method titanium dioxide is 2171.31 tons. The cumulative import volume of titanium dioxide from January to March was about 15600 tons, a year-on-year decrease of 25.10%. Among them, the import of chloride method products was 10162.76 tons, a year-on-year decrease of 15.01%, and the import of sulfuric acid method products was 5405.88 tons, a year-on-year decrease of 38.77%.
According to customs data statistics, the export volume of titanium dioxide in China in March 2026 was about 201500 tons, a year-on-year increase of 8.92% and a month on month increase of 33.03%. Among them, the export volume of sulfuric acid titanium dioxide was about 150600 tons, and the export volume of chloride titanium dioxide was 51000 tons. From January to March, the cumulative export of titanium dioxide was 536800 tons, with a year-on-year increase of 7.15%; Among them, the export of sulfuric acid method was 401000 tons, a slight decrease of 0.60% year-on-year, and the export of chlorination method was about 135800 tons, a significant increase of 39.24% year-on-year.
3、 Future forecast
Business Society’s titanium dioxide analyst believes that the domestic titanium dioxide market prices will rise in April. At present, both international and domestic markets have good demand, with low inventory in large and other factories, and good confidence in enterprises. It is expected that the titanium dioxide market will maintain a strong and high level of operation in the short term.

This week (April 21-24), the domestic PVC market showed a range consolidation trend, with prices fluctuating narrowly at the 5000 yuan/ton mark. The cost side provides bottom support, while the spring inspection on the supply side has led to a decline in production. However, the weak real estate and weak exports on the demand side, coupled with high social inventory, have been suppressed by multiple factors; The supply-demand game is intensifying, and the market is showing a volatile pattern.
1、 Price trend: PVC spot “low-priced replenishment, high price wait-and-see” transactions are average
This week, the PVC futures market mainly fluctuated within a certain range, while the spot market followed the trend of futures. The price did not show a significant breakthrough. According to the commodity analysis system of Shengyi Society, the PVC carbide SG-5 method in East China fell slightly by 0.32% this week, with the mainstream price ranging from 4950-5050 yuan/ton. The regional price difference narrowed, and rigid demand dominated transactions, with small orders being the main focus. The market has a prominent mentality of “low price replenishment and high price wait-and-see”.
2、 Core driving factors: cost floor, supply contraction, weak demand, high inventory
Supply side: Spring inspection centralized landing industry operating rate drops
This week, the industry’s maintenance efforts have increased, and the operating rate has significantly decreased. Data shows that the industry’s operating rate has dropped to below 80%, and overall supply pressure has slightly eased.
In terms of raw materials, the price of calcium carbide is running at a low level, and the mainstream quotation in Northwest China has fallen by 2.6% this week. The downward trend in battery prices this round has caused a certain drag on the spot price of PVC. At the same time, due to the high price of ethylene, the operating rate of ethylene based PVC remains low, further reducing some supply.
Demand side: Continued weakness in downstream, dragged down by weak exports
The weak demand is still the core factor restricting the rebound of PVC prices, and the overall downstream operating rate is low. The operating rate of downstream product enterprises this week was only 50%, a decrease of nearly 10% compared to last week, and the industry maintained a low level of operation. Especially in industries related to real estate, the impact is significant. From January to March 2026, real estate investment and new construction area continued to decline year-on-year, with only slight recovery in completion data. The recovery of core product orders such as pipes and profiles was slow, and enterprises mainly focused on small orders for essential purchases;
In terms of exports: Starting from April 1st, PVC export tax rebates have been officially cancelled, resulting in increased export costs and weakened competitiveness. Export orders have weakened month on month, with a decline compared to the previous period. The dual suppression of internal and external demand makes it difficult for PVC to emerge from a positive market trend. Inventory side: Social inventory is slowly decreasing at a high level, and the turnover cycle is relatively long
In terms of inventory: Although PVC social inventory has slightly decreased compared to the previous week, it is still at a relatively high historical level, and the progress of inventory depletion is slow, which continues to suppress the price rebound. In the context of high inventory, traders have a strong willingness to ship, and price reductions and promotions are common, further limiting the room for spot price increases.
3、 Outlook for the future: Short term low volatility and mid-term improvement in supply and demand

In the short term, the PVC market will continue to fluctuate within a certain range, and it is difficult to form a unilateral trend under the interweaving of long and short factors. Supporting factors: continuous spring inspections and tightening of supply; Restrictive factors: high social inventory suppresses rebound, weak real estate demand is difficult to improve, and orders continue to weaken after the cancellation of export tax rebates. It is expected that the market will maintain a volatile range of 5000-5100 within the month. In the medium term, attention should be paid to the pace of supply and demand improvement: firstly, the implementation of spring inspections. If the scope of maintenance is expanded and the time is extended, supply contraction will support prices; The second is the process of downstream demand recovery.

According to Shengyishe Spot News, as of the 22nd, the price of ethyl acetate was 6800 yuan/ton, a decrease of 676.66 yuan/ton or 9.01% compared to the price of 7473.33 yuan/ton on April 11th. The price of ethyl acetate raw materials has fallen, and the cost side is bearish. Industry players are pessimistic about the market sentiment, and the price trend of ethyl acetate continues to decline.
The continuous decline in upstream acetic acid prices has had a negative impact on the ethyl acetate market, driving a downward trend in prices; The downstream of ethyl acetate is cautiously following up, with low enthusiasm for entering the market and insufficient support from the demand side for ethyl acetate; On the supply side, the operating rate of the equipment has increased, the supply of goods has increased, and the intention of enterprises to ship is obvious. The market is bearish, and the ethyl acetate market is weakly declining.
In the future, the cost support for ethyl acetate is average, and it may continue to decline due to negative factors; From a fundamental perspective, the operating rate of the ethyl acetate plant is relatively high, with companies mainly shipping before the holiday. However, downstream demand is poor, and the purchase of ethyl acetate is limited. The market supply and demand are weak, and it is expected that the ethyl acetate market will consolidate and operate weakly in the later stage. Specific attention will be paid to the raw material market and downstream follow-up situation in the future.

According to the Commodity Market Analysis System of Shengyi Society, as of April 22, the average market price of acetic acid was 3966.67 yuan/ton, a decrease of 783.33 yuan/ton or 16.49% compared to the price of 4750.00 yuan/ton on April 11.
Recently (4.11-4.22), domestic acetic acid prices have experienced a wide decline. Raw material methanol oscillates during operation, with average cost support; On the supply side, as the price of acetic acid rises to a high level, downstream resistance to high priced sources of goods gradually arises, and the market trading atmosphere weakens, leading to inventory accumulation among holders; The weak demand in the terminal market and the continuous decline in downstream prices in the industrial chain have suppressed the acetic acid market, and the market dominance has also reversed towards the demand side. Driven by negative factors, the center of gravity of acetic acid prices continues to shift downwards.
Recently, the raw material methanol market has been fluctuating. As of April 22, the average price in the domestic market was 3256 yuan/ton, a decrease of 1.33% compared to the price of 3300 yuan/ton on April 11. Affected by geopolitical conflicts, methanol import supply is tight, and futures market prices are high, supporting the strong performance of the spot market. However, downstream resistance to high prices has increased, and pre holiday stocking demand is weak. Some holders have shifted their focus of negotiations to promote shipments, resulting in a decrease in methanol prices and weakened cost support for acetic acid.
The downstream acetic anhydride market weakened and decreased, with the average ex factory price of acetic anhydride dropping from 7225 yuan/ton to 6100 yuan/ton from April 11th to 22nd, a decrease of 15.57%. There has been little change in the production of acetic anhydride on the supply side, with enterprises mainly following the market trend. Downstream enthusiasm for high priced purchases is average, and the price of acetic anhydride on the raw material side has fallen. Cost support has weakened, and market sentiment is bearish, resulting in a continuous decline in acetic anhydride prices.
Market forecast: Acetic acid analysts believe that currently, acetic acid companies have sufficient inventory, obvious pre holiday inventory intentions, weak downstream product market conditions, low market entry enthusiasm, insufficient support for acetic acid, and weak market fundamentals. It is expected that the acetic acid market will consolidate and operate weakly in the short term, and the market supply situation will be closely monitored in the future.