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.

Aluminum prices rise by 4.86% in March
Aluminum prices remained strong in March. According to the Commodity Market Analysis System of Shengyi Society, as of March 30, 2026, the average price of aluminum ingots in the East China market was 24543.33 yuan/ton, an increase of 4.86% compared to the market average price of 22473.33 yuan/ton on March 1; Compared to the high point of the month (3.12), the market average price is 25273.33 yuan/ton, a decrease of 2.86%
In January 2026, aluminum prices continued the strong momentum of 2025, showing a fluctuating upward trend in the past year. In February, aluminum prices fell slightly. From the second half of 2025 to the beginning of 2026, some domestic aluminum plants will temporarily reduce production due to environmental restrictions, dual control of energy consumption, equipment maintenance, and other factors. Coupled with the tightening of overseas bauxite export policies and rising shipping costs, the global aluminum supply side will experience a phase of contraction, supporting the continuous rise of aluminum prices, especially forming a concentrated outbreak in January 2026. In the early stage, the market had strong expectations for the recovery of downstream fields such as new energy vehicles, photovoltaics, and infrastructure, and speculative funds entered early to push up aluminum prices; However, in February 2026, the downstream consumption peak season did not meet expectations, resulting in weak actual demand. Coupled with the impact of the Spring Festival holiday shutdown, the willingness of enterprises to reduce inventory increased, leading to a rapid price correction. The loose monetary policy in 2025 will raise the valuation of commodities, and aluminum as an industrial metal will benefit significantly; At the beginning of 2026, the market’s expectations for the Federal Reserve to raise interest rates rose, and the strengthening of the US dollar suppressed commodity prices, coupled with speculative capital taking profits, further exacerbating the decline in February. The loose monetary policy in 2025 will raise the valuation of commodities, and aluminum as an industrial metal will benefit significantly; During the price increase cycle, the continuous depletion of social inventory has strengthened the bullish sentiment in the market; In February 2026, inventory will shift from a decrease to an increase, coupled with the fermentation of pessimistic expectations, forming a negative cycle of “inventory accumulation – price decline – emotional deterioration”.
In March, with the recovery of demand, social inventory entered the channel of destocking again, and inventory data verified the logic of “demand recovery”. The logic of the rise in aluminum prices generally consists of two parts: traditional supply and demand+geopolitical risk premium. as follows:
1. Demand side: peak season resumption of work+replenishment resonance
In March, the traditional peak season for downstream industries such as infrastructure, automobiles, and home appliances in China began, coupled with the sustained high prosperity of the new energy sector (photovoltaics, energy storage, and new energy vehicles). Downstream enterprises concentrated on replenishing their inventory after the holiday, resulting in a short-term surge in demand for aluminum ingot procurement.
2. Supply side: Capacity constraints+cost support
The domestic electrolytic aluminum production capacity is limited by the dual control of energy consumption and environmental restrictions, resulting in limited incremental growth; The export policies of overseas bauxite producing countries (Guinea, Indonesia) have tightened, and the cost of smelting raw materials is running at a high level, with strong support from the bottom of aluminum prices.
3. Macro: Expectations of interest rate cuts+policies to stabilize growth
The expectation of the Federal Reserve cutting interest rates is heating up, and the weakening of the US dollar is favorable for commodities; Domestic policies aimed at stabilizing growth continue to be implemented, enhancing risk appetite for industrial metals and driving up aluminum prices through speculative capital inflows.

4. Premium transmission of the US Israel Iran geopolitical conflict
The soaring energy prices have raised the cost of smelting. Iran is an important exporter of oil and natural gas, and the escalation of geopolitical conflicts has led to a surge in international crude oil and natural gas prices. Electrolytic aluminum is a high energy consuming industry, with energy costs accounting for over 30%. The rise in oil prices directly drives up the global cost of electrolytic aluminum smelting, opening up space for aluminum price increases.
Shipping and supply chain disruptions drive up logistics costs. The Persian Gulf is an important global shipping channel, and the tense situation has led to a significant increase in oil tanker insurance fees and shipping costs. The cross-border logistics costs of bauxite, alumina, and finished aluminum ingots have also increased significantly, further pushing up spot aluminum prices.
The expectation of supply interruption amplifies market panic. If the conflict continues, it may affect energy exports and aluminum related production capacity in Iran and surrounding areas (such as Iran’s domestic electrolytic aluminum production capacity). The market is concerned about a temporary gap in global aluminum supply, and speculative funds may enter the market early to go long, further amplifying price increases.
Safe haven funds flow into commodities. When geopolitical conflicts escalate, funds tend to flow into safe haven assets such as gold and industrial metals. Aluminum, as an important industrial metal, becomes a capital allocation choice and gains an additional premium in price.
Future price forecast
Aluminum prices are expected to fluctuate at a high level and run weakly in April 2026, making it difficult to continue the upward trend in March. The domestic downstream peak season is gradually coming to an end, and the marginal demand for infrastructure, home appliances, and other industries is weakening. Downstream inventory replenishment has come to an end, and procurement is shifting towards on-demand delivery. The early maintenance capacity of the supply side has gradually resumed production, and the supply of electrolytic aluminum has rebounded. The social inventory is likely to accumulate, which will suppress prices.
If the geopolitical conflict in Iran does not escalate significantly and energy prices rise and fall, the geopolitical risk premium of aluminum prices will gradually dissipate. At the macro level, the expectation of the Federal Reserve cutting interest rates has been largely priced by the market, with limited boost to prices. Overall, the aluminum price in April may not have enough upward momentum, with a slight shift in focus and an overall pattern of oscillation and weakness. It is necessary to focus on the geopolitical situation and actual demand fulfillment.

According to the monitoring of the commodity market analysis system of Shengyi Society, the 1 # tin ingot market in East China has risen three times this week (3.23-3.27), with an average market price of 341840 yuan/ton at the beginning of the week and 354170 yuan/ton as of March 27th, an increase of 10.56%.
This week, the domestic tin market has emerged from a deep decline and hit the bottom, with a continuous rebound in a V-shaped reversal trend. The core driving force comes from the resonance of the previous oversold repair, low inventory support, marginal improvement of raw materials, downstream demand replenishment, and macroeconomic sentiment recovery. The market has shifted from a panic and sharp decline to a volatile and strong recovery.
supply side
On the cost side of raw materials: the mining margin is loose, processing fees have rebounded, and cost support has moved up. The Wa State operation in Myanmar is progressing, and production will gradually resume in late March. Exports to China have rebounded month on month, but transportation and shipments are still relatively slow. Indonesia’s tin ore and refined tin quotas for 026 are expected to be loose in supply. The resumption of production in domestic mines in Yunnan and Guangxi is slow, and the increase in output is limited.
supply side
The resumption of smelting production is slow, and the overall situation is tight for Yunnan refineries. Production will only resume at the end of March, with a 50% -60% operating rate and slow release of output. The tin inventory in the previous period was only 2130 tons (the lowest level in the past 3 years); LME tin inventory is 8720 tons, indicating a low global inventory. The circulation of goods is tight, and there are few low-priced sources of goods. Holders of goods have a strong willingness to raise prices.
Demand side
Traditional electronics (solder) have a low season in March, with semiconductor and PCB inventory being reduced, and purchases being made for immediate needs, small orders, and on-demand purchases. Photovoltaics, new energy, and stable demand for photovoltaic ribbon have become highlights. AI computing power, long-term positive, short-term unrealized.
comprehensive analysis
The short-term tin price maintains a strong range of fluctuations, with limited downward space and upward pressure. Focus on macro sentiment and fluctuations in the US dollar, as well as Myanmar mine shipments and domestic smelting operating rates.

According to data from the Commodity Analysis System of Shengyi Society, the hydrogen peroxide market fluctuated and rose in March, with an increase of over 31%. At the beginning of the month, the average price of hydrogen peroxide in the market was 600 yuan/ton. On March 26th, the price of hydrogen peroxide was 790 yuan/ton, an increase of 31.67%.
The bullish support for the continuous rise of hydrogen peroxide market in March
At the beginning of March, the demand for terminal paper printing industry was still acceptable, the operating rate of manufacturers was average, and the trend of hydrogen peroxide market was relatively stable. In the second week, affected by the situation in the Middle East, products such as crude oil and natural gas rose significantly, and the transportation cost of hydrogen peroxide increased. Manufacturers had a strong bullish mentality, and the market experienced a wave of upward trend. As of March 10th, the hydrogen peroxide market rose to around 670 yuan/ton, with a price increase of about 70 yuan/ton compared to the beginning of the month.
After mid month, the bullish trend continued, with tight supply and positive terminal demand. The hydrogen peroxide market continued to rise, reaching 790 yuan/ton, an increase of nearly 200 yuan/ton compared to the beginning of the month.
Business Society’s hydrogen peroxide analyst believes that some manufacturers’ equipment is still under maintenance, with tight supply and positive support, and the hydrogen peroxide market will continue to rise.