According to the commodity analysis system of Shengyi Society, the domestic maleic anhydride market was weakly consolidated on March 31. As of March 31, the average market price of n-butane oxidation maleic anhydride remained at 6790 yuan/ton, which was stable compared to the previous trading day.
Supply side: Currently, the increase in spot supply in the maleic anhydride market is limited, and downstream unsaturated resin manufacturers of maleic anhydride are mainly operating steadily. The unsaturated resin market is mainly stable, and the procurement of maleic anhydride is limited. On the 31st, the auction price fell, and the price of maleic anhydride factory also fell. As of March 31st, the factory price of solid anhydride in Shandong region is around 6700 yuan/ton, and the factory price of liquid anhydride is around 6400 yuan/ton.
Upstream: On the 31st, the n-butane market remained stable, and as of March 27th, the price in Shandong was around 5300-5350 yuan/ton.
Downstream: Currently, unsaturated resin companies are mainly operating steadily, but due to the impact of rising raw material prices and subsequent declines, the unsaturated resin market remains stable, and there is a strong wait-and-see sentiment in the market.
The analyst of Shengyi Society’s maleic anhydride products believes that the recent replenishment of downstream resin demand for maleic anhydride has ended, and new order signings are limited; At present, the prices of the main factories producing maleic anhydride have fallen, and it is expected that the maleic anhydride market will mainly consolidate weakly in the near future.

1、 Price trend
According to the commodity analysis system of Shengyi Society, the price trend of soda ash first fell and then stabilized this week. As of March 28th, the average market price of soda ash was 1480 yuan/ton, a decrease of 0.27% compared to the soda ash price of 1484 yuan/ton on March 22nd, and a decrease of 1.20% compared to the beginning of the month.
2、 Market analysis
The soda ash market has been weak this week. The supply side equipment has resumed operation, and the utilization rate of soda ash production capacity has improved. The market supply has increased, and enterprises are actively shipping. Although the downstream market has risen, the main consumption of inventory is limited, and the demand for soda ash is limited. The actual transactions on site are average, and some regions have poor enterprise shipments, resulting in a slight shift in the focus of soda ash transactions.
As of March 28th, the reference price for the soda ash market in East China is around 1350-1550 yuan/ton for light soda ash, which remains unchanged from last Friday’s price; The reference price for the soda ash market in Central China is around 1300-1550 yuan/ton for light soda ash, a decrease of 30 yuan/ton compared to last Friday.
According to the commodity analysis system of Shengyi Society, the downstream glass market has seen a narrow upward trend. From March 22nd to 28th, the price of glass increased from 15.12 yuan/square meter to 15.21 yuan/square meter, an increase of 0.60%. The glass market has little fluctuation in production, with an increase in downstream demand, stable market trading, a narrow reduction in glass inventory, and a strong upward trend in market prices.
Future forecast: Domestic soda ash facilities will resume operation, capacity utilization rate will increase to a medium to high level, market supply performance will be sufficient, downstream enthusiasm for entering the market is not high, and there will be a game of supply and demand in the market. It is expected that the short-term soda ash market will be weak and consolidated, and specific attention will be paid to downstream demand follow-up.

Aluminum prices rose first and then fell in March
Aluminum prices first rose and then fell in March, and have recently experienced a slight decline. According to the Commodity Market Analysis System of Shengyi Society, as of March 31, 2025, the average price of aluminum ingots in the East China market in China was 20576.67 yuan/ton, an increase of 0.03% from the market average price of 20570 yuan/ton on March 1.
In the early stage, aluminum prices continued their strong trend from January to February. Recently, aluminum prices have slightly fallen, and the overall price is fluctuating at a high level.
Fundamental Overview
Supply and demand fundamentals: slow recovery of aluminum consumption during peak season, rigid supply, and continuous depletion of social inventory. The resumption of production in Xinjiang and the new production in Qinghai can contribute to incremental growth, while the aluminum water ratio continues to increase, resulting in a month on month decrease in aluminum ingot supply. The peak consumption season on the consumer side continues, and the operating rate of downstream processing enterprises continues to rise.
Macro factors: Domestic fiscal policy maintains a loose direction to promote domestic demand. On the overseas front, the US tariff policy has been fluctuating. Earlier last week, Trump stated that not all threatened tariffs will be implemented on April 2nd, and some countries may receive exemptions. Subsequently, it was announced that a 25% tariff would be imposed on all cars not manufactured in the United States.
In terms of imports and exports: According to the latest data from the General Administration of Customs, the cumulative export volume of unprocessed and rolled aluminum and aluminum materials in China in February 2025 was 408000 tons, a decrease of 9.53% month on month and 12.70% year-on-year; The cumulative export volume for the whole year of 2025 will reach 859000 tons, a year-on-year decrease of 11.0%.
Future forecast
Short term fundamentals are supported, and we are observing the impact of macro factors. It is expected that the probability of short-term aluminum price fluctuations will increase, and we will focus on fundamental changes in the medium term.

According to the monitoring of the commodity market analysis system of Shengyi Society, as of March 28th, the price of lead 1 # was 17325 yuan/ton, a decrease of 0.32% from the lead price of 17380 yuan/ton on March 24th.
This week’s market analysis
This week, lead prices have been running at a high level, with a slight decrease and adjustment within the range.
Raw material end
There is currently no fluctuation in the processing fee for domestic lead concentrate. The refinery resumed in March, but the mining section is still in a tense stage.
Supply and demand side
Currently, primary lead smelting enterprises are reducing production and entering a maintenance period, resulting in a phased reduction in the supply side, leading to a relatively tight supply of goods in the market; In the field of recycled lead, due to the trend of easily rising and difficult to fall prices of waste batteries, smelting profits are compressed, and the production enthusiasm of smelting enterprises is reduced accordingly. In the short term, this situation may become an important factor supporting the high volatility of lead prices.
Between March and April, the lead-acid battery market is about to enter the traditional off-season for consumption, and the industry generally holds a cautious and worried attitude towards the future trend of lead demand. At the same time, various provinces and cities are continuing to promote the “trade in” subsidy policy for electric bicycles and cars, and the market is closely monitoring to what extent this measure can offset the impact of the off-season.
comprehensive analysis
There is support on the raw material side, and lead prices fluctuate within a high range. However, downstream purchases during the off-season are mainly driven by rigid demand, resulting in limited demand for lead ingots. Expected to fluctuate in the short term. Follow up on the impact of raw materials on prices.

Product Name: Isopropanol
Latest price: On March 27th, the average market price was 6600 yuan/ton.
Analysis points: The isopropanol market is currently stable today. The confidence in the market is average, with a narrow downward trend in the upstream acetone market and insufficient cost support. Trading in the market is relatively cold, with purchases being made on demand and transactions being cautious. Overall, the market enthusiasm is average, and the focus of negotiations is mainly on maintaining stability. It is expected that the isopropanol market will weaken and consolidate in the short term, and attention should be paid to the trend of the raw material market.