According to the Commodity Market Analysis System of Shengyi Society, the domestic formic acid market has continued to consolidate horizontally in recent times, with stable market operation and stable prices. As of April 7th, the benchmark price of 65% industrial grade formic acid in Shengyi Society was 3000 yuan/ton, up 22.45% month on month and down 11.76% year-on-year, with no significant fluctuations and a stable market focus.
Supply side: Enterprise production plan adjustment to support price stability
From March 31st to April 1st, some production facilities on the supply side were still under maintenance, and the low inventory situation did not change, continuing to provide support for the market. On April 2nd, although most formic acid manufacturers have resumed production, they have not yet entered a state of full load operation. The pattern of low inventory continues, and the supporting role continues to exist, which together constitute an important supporting factor for price stability.
Demand side: Stable performance, driven by essential needs
Downstream enterprises have weak purchasing intentions and low enthusiasm, mainly focusing on acquiring and replenishing goods for essential needs. There has been no large-scale centralized procurement behavior, and the game forces between supply and demand are tending towards equilibrium.
Future forecast
Based on the prediction of the Business Society’s spot trading system, the current price is at a high level both in the short and long term,
The current price moving average shows a complete bullish trend (price>10 day line>20 day line>30 day line), with an upward trend in the medium term.
Overall, the price of formic acid has limited room for increase, with sufficient support below. It is expected to continue to operate in a sideways trend, and specific changes in market supply and demand need to be monitored.

1、 Review of Potassium Chloride Market Trends This Week
price trend
According to data from Shengyi Society, the benchmark price of potassium chloride (imported) on April 3rd was 3616.67 yuan/ton, unchanged from the beginning of the month, and the price remained flat for several consecutive days. From a longer-term perspective, starting from around 3500 yuan/ton in early January 2026, the price gradually climbed to a temporary high point from the end of February to early March (with a peak of about 3696 yuan/ton in the chart), then showed a high-level correction and entered a volatile pattern, currently fluctuating narrowly within the range of 3610-3620 yuan/ton.
Supply and demand fundamentals
Supply side: This week, the domestic potassium chloride production side maintained a high load, with a weekly operating rate of about 62.5% and a weekly output of about 106500 tons, a month on month increase of about 2.3%. In terms of domestic production, leading enterprises such as Salt Lake Corporation and Zangge Potassium Fertilizer have fully resumed work and production, with production facilities running smoothly. Potassium fertilizer products continue to be offline and transported nationwide.
In terms of imports, the domestic import volume of potassium fertilizer continues to grow. In the fourth quarter of 2025, the import volume of potassium fertilizer increased by 16.2% year-on-year, and the monthly average import volume of potassium chloride reached 1.44 million tons (physical quantity). As of April 2nd, the total port inventory of imported potassium chloride at the port was 2.4291 million tons, an increase of 0.57% compared to the previous month. Although the port’s delivery volume continued to be fast, some ports still had a small amount of new goods to supplement, and the total amount slightly increased. The policy of ensuring supply and stabilizing prices continues to be implemented. As of March 30th, the amount of guaranteed supply during the spring plowing period has reached 2.01 million tons, effectively ensuring market supply.
Demand side: Relatively limited support. The weekly operating rate of downstream compound fertilizer enterprises is about 50.6%, which is at a high level. However, their procurement of potassium fertilizer is mainly based on on-demand replenishment mode, which makes it difficult to effectively stimulate the trade market. At present, it is the end of spring plowing and fertilizer use, and the demand in Northeast China is coming to an end. Border trade and China Europe freight trains continue to receive goods, further intensifying market competition for goods. The flat demand is the direct reason why prices are difficult to strengthen at present.
2、 Analyzing the market price of potassium chloride using the Business Society’s spot trading platform
Location characteristics: Potassium chloride is at a high level in the short term (10/20 days), with significant overselling; In the mid-term (30/60/90 days), it is at a medium low level, showing an overall mismatch pattern of short, high, medium, and low. The price is at a high level during the annual cycle, approaching the high point of the year, with limited space above and sufficient support below, indicating upward pressure.
Trend characteristics: The current price is intertwined with multiple moving averages, the previous upward trend has ended, the long and short forces are balanced, the market has entered a transitional period of oscillation, there is no clear direction at present, and the risk of falling back still exists in the short term due to the suppression of moving averages.
Buy judgment: 10/20 day cycle high, no buy signal; The price moving average is entangled and has not formed an upward bullish pattern, which does not meet the buying conditions.
Based on the comprehensive conclusion, potassium chloride is currently neutral and bearish. It is recommended to take a wait-and-see approach and wait for the price to stabilize at the mid to low levels in the medium term and for the moving average to form a bullish trend before choosing an opportunity to operate.
integrated forecasting
In the short term, domestic potassium chloride prices are expected to continue a stable to weak pattern. Domestic potassium has stable production and limited price fluctuations; Due to the rebound of port inventory and the release of national reserves, imported potassium may experience price looseness in some areas. On April 3rd, the benchmark price remained unchanged from the beginning of the month, indicating a short-term long short balance. However, insufficient support from the demand side and continued efforts to ensure supply policies will limit the upward potential of prices. If international shipping costs continue to rise or import arrivals are delayed, it may temporarily push up the price of imported potassium, but domestic policies to ensure supply and stabilize prices will limit the increase.

According to the monitoring of the analysis system, the magnesium ingot market in Shaanxi region is on the rise, with an average market price of 17500 yuan/ton as of now, and an average price of 16750 yuan/ton at the beginning of the month, an increase of 4.48%.
This month’s market analysis
This month, magnesium prices have shown a strong upward trend in a stepped manner of “narrow bottoming, sideways accumulation, and accelerated rise”, with a cumulative increase of 700 yuan/ton throughout the month, setting a new monthly high. This market trend is mainly driven by three factors: the resonance of technical trends, the bottoming out of raw material costs, and the tight supply-demand balance pattern.
Magnesium prices have emerged from a standard three-step upward trend, with no effective break through correction. The price has been running above the 10 day, 20 day, 30 day, and 60 day moving averages throughout the entire period, forming a complete bullish alignment at the end of the month, and a clear medium – to long-term upward trend.
Next, from the beginning, middle, and end of this month, we will conduct a segmented and specific analysis:
In the first ten days of the month, magnesium prices experienced a slight correction from their high levels. The positions of the 10 day, 20 day, and 30 day cycles were all at high levels. As the price fell, the 10 day moving average quickly fell back to a low level on March 9th, triggering a “10 day oversold” signal. During this period, a short-term bearish signal of “1/07 bottoming out” appeared simultaneously. However, the positions of the 10 day, 20 day, 30 day, and 60 day cycles remained at medium to high levels, corresponding to the upward trend of the medium to long term moving average without any signs of turning downwards, indicating that the logic of medium to long term rise has not been disrupted. At the end of the month, the price received effective support around 16650 yuan/ton and quickly rebounded above the central bond of the moving average, laying the foundation for stabilizing and accumulating momentum in the middle of the month.
The mid month trend shows a narrow horizontal trend, with prices consolidating in the range of 16700-16750 yuan/ton, and the moving average continuing to rise to form a bottom. On March 19th, the bullish golden cross signal of “1/07 breakout” was triggered, and on March 20th, a further “10 day super rise” signal appeared; At the same time, the positions of the 10 day, 20 day, 30 day, 60 day and other medium to long term moving averages remained high throughout the entire period, and the upward slope of the corresponding moving averages continued to rise. The prototype of the long position arrangement of the short, medium and long term moving averages has basically taken shape.
In the latter half of the month, it manifests as an accelerated upward trend, with prices breaking through the sideways platform and continuously rising, ultimately reaching a monthly high, and multiple cycles of super price signals appearing simultaneously.
Supply and demand side
On the supply side, the operating rate of magnesium smelting enterprises across the country is stable, but spot inventory continues to decrease. Mainstream factories will prioritize long order delivery from mid month onwards, and the expectation of maintenance will increase in the latter half of the year. The reluctance to sell at high prices is highlighted, and there is a scarcity of circulating goods in the market.
On the demand side, with the resumption of manufacturing work and production, traditional rigid demand is gradually being released. Coupled with the low magnesium aluminum ratio, the expansion of demand through the substitution of magnesium for aluminum has led to a structural improvement in the export market. In the latter half of the year, the concentrated release of replenishment demand has accelerated the rise of magnesium prices.
In terms of raw materials
The cost of raw materials forms a rigid support for magnesium prices, with core raw materials such as 75 # silicon iron and blue charcoal rising throughout the month. In March, the price of ferrosilicon increased from 5800-5900 yuan/ton to 6000-6100 yuan/ton, and the price of blue charcoal increased by more than 5%. The combined effect of the two factors increased the cost of magnesium by 700-850 yuan/ton, significantly reducing the industry’s profit margin and completely locking in the downward space of magnesium prices. The stable price of dolomite and the slight increase in industrial electricity prices further strengthen cost support.

Future forecast
The upward trend of magnesium prices in March is the result of multiple factors resonating: a bullish trend has been established in the technical aspect, raw material costs have solidified at the bottom, and the tight supply-demand balance pattern continues to strengthen. Based on the trend dimension, the medium and long-term moving averages continue to move upwards, with strong downward support, and the probability of a downward trend is extremely low. Overall, the bullish sentiment will still dominate the pattern. There is a rigid demand for overbought chips in the technical aspect, and the probability of a sustained and significant unilateral rise in early April is low. Simultaneously pay attention to the supply and demand fundamentals, upstream and downstream operating rates, raw material prices, and macro policy changes in the magnesium market. Fundamental changes will directly affect the continuity and upward space of this round of upward trend.

Acetic anhydride prices rise in March
According to the Commodity Market Analysis System of Shengyi Society, as of March 31st, the price of acetic anhydride was 6162.50 yuan/ton, an increase of 1622.50 yuan/ton or 35.74% from the price of 4540.00 yuan/ton on March 1st.
The acetic anhydride market operated strongly in March. On the supply side, the acetic anhydride plant runs smoothly, and there is not much inventory pressure on the enterprise; Downstream demand is stable, following up on demand when entering the market, and the market trading atmosphere is still good. The raw material side has a significant impact on the price of acetic anhydride. Upstream acetic anhydride prices have risen strongly, and the cost support for acetic anhydride is strong. The acetic anhydride market has a strong intention to rise, and manufacturers’ quotations have significantly followed suit. Acetic anhydride prices have risen strongly this month.
Acetic acid market shows strong upward trend in March
According to the Business Society Acetic Acid Commodity Market Analysis System, as of March 31st, the price was 4140 yuan/ton, an overall increase of 48.03% compared to the acetic acid price of 2796.67 yuan/ton at the beginning of the month. The operating rate of acetic acid is relatively low, the inventory of enterprises is low, the raw material methanol is rising strongly, the cost pressure is high, and the quotation of acetic acid enterprises is rising. The strong trend of acetic acid market in the month is favorable for downstream acetic anhydride market support.
Future prospects
Business analysts believe that in terms of raw materials, the acetic acid market is operating at a high level, and the cost of acetic anhydride is favorable; The acetic anhydride plant on the supply side is operating stably, and there is not much inventory pressure; Downstream urgent needs to follow up, with mostly positive fundamentals. In the future, the acetic anhydride market will continue to operate strongly, with specific attention paid to changes in upstream prices.

According to the commodity analysis system of Shengyi Society, the styrene market saw a broad rise in March, with an average price of 7636 yuan/ton at the beginning of the month and 10560 yuan/ton at the end of the month, representing a 38.29% increase during the month. The styrene market was greatly affected by macro factors in March. At the beginning of the month, the Middle East war affected oil and gas production and supply, causing a sharp rise in international oil prices. The listing prices of the main refineries for pure benzene raw materials were raised multiple times, leading to an increase in styrene prices. At the same time, the maintenance and restart of the styrene plant in March coexisted, resulting in a slight reduction in overall supply and basic resumption of downstream work. Under high costs, the demand increment was limited.
On March 30th, international crude oil futures continued to rise. The settlement price of the May WTI crude oil futures contract in the United States was $102.88 per barrel, an increase of $3.24 or 3.3%. The settlement price of Brent crude oil futures in June was $107.39 per barrel, an increase of $2.07 or 2.0%.
On the cost side: The pure benzene market experienced a sharp rise and fall in March, influenced by the geopolitical situation, with prices deviating from fundamentals and a significant impact on market sentiment. In the future, refineries are concerned about the stability of raw material supply and have entered defensive production cuts. They are closely monitoring the passage of the Strait of Hormuz, and the short-term pure benzene market is prone to rise but difficult to fall.
Styrene external market: On March 30th, the closing price of the styrene market in Asia increased by $25/ton, with a closing price of $1420-1430/ton FOB Korea $1400-1410/ton CFR China.
Market forecast: The styrene market in April is still uncertain due to the geopolitical situation. From a fundamental perspective, the production in April may decrease compared to the previous month, while downstream recovery is expected and demand is expected to increase. It is expected that the styrene market will continue to rise in the short term.