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.

According to the Commodity Market Analysis System of Shengyi Society, the PP market was consolidating at the end of March, with most brand products having no price adjustment or a narrow adjustment range. As of March 26th, the mainstream offer price for wire drawing by domestic manufacturers and traders is around 7555 yuan/ton, a decrease of+0.51% compared to the price level at the beginning of March.

price trend

In terms of raw materials:

Due to signals of easing geopolitical conflicts and the impact of oil producing countries’ plans to increase production, the upstream crude oil trend of PP has declined in the early stage. At the end of 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 has recently broken through and declined. The price of propane mainly fluctuates with crude oil. Overall, the PP raw material market showed mixed ups and downs at the end of March, providing moderate support for PP costs.

Supply side:

At the end of March, the load of domestic PP enterprises was slightly reduced, and the market supply remained generally abundant. Overall, the industry’s overall load level has decreased by about 5% to 77% compared to mid month, and the domestic weekly average production has returned to nearly 730000 tons. Recently, Maoming Petrochemical and Jinergy Chemical have reduced their workload through maintenance, and in the future, there will be maintenance tasks for equipment at enterprises such as Zhongjing Petrochemical. The domestic supply has slightly decreased and there are expectations of tightening, and the supply side’s support for PP spot prices has slightly rebounded at the end of the month.

In terms of demand:

At the end of March, there was limited improvement in the demand side of PP, and on-site trading remained at the level of essential demand. The consumption level of end enterprises in the field of plastic weaving has stabilized. The demand for PP in fields such as architecture and agriculture is slowly increasing with the warming temperatures. But currently, there is no increase in new orders in the market, and buyers tend to maintain production with scattered small orders. Against the backdrop of weak overseas macroeconomics, the export window period is difficult to materialize, and overall, the demand side lacks momentum due to the impact of US tariffs.

Future forecast

At the end of March, the domestic PP market prices were mainly consolidating. From a fundamental perspective, the overall performance of upstream raw materials in supporting PP is average, industry supply has been lowered at a high level, consumer demand has flattened, market supply and demand are in a game, and long and short positions are temporarily balanced. In the short term, the PP price market may continue to consolidate and operate.