According to the Commodity Market Analysis System of Shengyi Society, the PP market fluctuated and consolidated in early March, and the price adjustment range of most brand products was relatively narrow. As of March 11th, the mainstream offer price for wire drawing by domestic producers and traders is around 7525 yuan/ton, with an increase or decrease of+0.11% compared to the price level at the beginning of March.

price trend

In terms of raw materials:

In terms of remote upstream crude oil, in early March, with the easing of the geopolitical situation between Russia and Ukraine, the market’s concerns about reduced demand for crude oil expanded. Combined with the high inventory of US crude oil in the early stage, the crude oil market was suppressed by various factors, and the price position became loose. In early March, the price of propylene was at a temporary low, and downstream suppliers increased their supply, resulting in a gradual recovery of prices within ten days. The overall inventory of propane in China has increased, and there is a lack of active guidance on the market, with prices mainly following the decline of crude oil. Overall, the PP raw material market showed mixed ups and downs in early March, providing moderate support for PP costs.

Supply side:

In early March, the load of domestic PP enterprises increased narrowly, and the market supply remained abundant. Overall, the industry’s overall load level has rebounded to over 81% compared to 79% at the end of February, and the domestic weekly average production has increased to 770000 tons. The production capacity is still in the blank stage within ten days, and the maintenance and resumption of work of PP plants in the future are intertwined. From the results, it is expected that the change in shipment volume will be limited, and the supply side’s support for PP spot prices is still relatively weak.

In terms of demand:

In early 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 woven bags such as fertilizers, cement, and rice in terminal enterprises is showing signs of recovery. With the warming of temperatures, the demand for PP has also increased in fields such as construction and agriculture. But currently, the market’s new orders are generally small and there has been no significant increase in volume. However, exports have been hindered by tariffs, and overall, the demand side has shown insufficient momentum.

Future forecast

In early March, the domestic PP market prices were mainly consolidating. From a fundamental perspective, the overall performance of upstream raw materials in supporting PP is poor, with industry supply increasing slightly at a high level, consumption slowly recovering, and the market returning to a supply-demand game pattern. In the short term, the PP price market may still be under pressure and consolidation.

Last week (March 3-9, 2025), the price of caprolactam, an upstream raw material for nylon filament, fell under pressure in the market. The nylon PA6 slicing market experienced a narrow decline, with weakened cost support and weak purchasing willingness in downstream markets. The main consumption of raw material inventory was high, and there was a strong wait-and-see atmosphere in the market. Actual orders were limited, and the price of nylon fiber market declined narrowly. In the future, it is necessary to closely monitor the trend of cost and changes in downstream market demand.

According to the Commodity Market Analysis System of Shengyi Society, the monthly average price of nylon filament decreased narrowly last week (March 3-9, 2025). As of March 9, 2025, the price of nylon filament DTY (premium product; 70D/24F) in Jiangsu region is 16580 yuan/ton, a decrease of 100 yuan/ton from last week, with a weekly increase of 0.88%; Nylon POY (premium product; 86D/24F) is priced at 14175 yuan/ton, a decrease of 125 yuan/ton from last week, with a weekly increase of 0.87%; The price of nylon FDY (premium: 40D/12F) is reported at 17200 yuan/ton, a decrease of 100 yuan/ton from last week, with a weekly increase of 0.58%.

Downstream channel of raw material caprolactam

In terms of cost: Since late February, the market price of caprolactam has entered a downward trend, and the performance of terminal demand has been lower than expected, which has led to a sharp increase in the pressure on polymerization factories to ship. The demand side’s follow-up sentiment towards caprolactam has rapidly cooled down. As of March 9, 2025, the benchmark price of caprolactam in Shengyi Society was 10763 yuan/ton, with a weekly decline of 1.88%.

Supply and demand: Last week (March 3-9, 2025), the downstream market had weak purchasing intentions and mainly consumed raw material inventory. There was a strong atmosphere of wait-and-see in the market, with limited actual transactions and insufficient support from the demand side.

Future forecast

Cost wise: The market for caprolactam is bearish, and the production capacity of caprolactam in the market will be released, resulting in an increase in supply. The demand side will maintain on-demand procurement, and the short-term caprolactam market price will be mainly weak.

Supply and demand side: Most nylon filament manufacturers have resumed normal production, and the on-site supply will increase significantly. At the same time, the overall inventory level in the market may increase; Downstream enterprises have a certain amount of raw material inventory, and coupled with insufficient confidence in the future market, the demand for replenishment is limited.

Overall, the spot market for raw material caprolactam and nylon PA6 chips are mainly operating weakly, with poor cost support and continued weak demand. There is a strong wait-and-see atmosphere in the market, and analysts from Shengyi Society predict that the price of nylon filament may continue its weak downward trend.

According to the commodity market analysis system of Shengyi Society, the price of polyester filament showed a stable to weak trend this week, with slight price reductions in some areas, but the overall trend is relatively stable. On March 7th, the mainstream polyester filament factories in Jiangsu and Zhejiang Province quoted POY (150D/48F) at 7100-7350 yuan/ton, polyester DTY (150D/48F low elasticity) at 8400-8600 yuan/ton, and polyester FDY (150D/96F) at 7400-7700 yuan/ton.

In terms of cost, international crude oil prices have been fluctuating due to the geopolitical situation, with PX prices increasing supported by maintenance plans and oil blending demand. However, the sufficient supply of PTA has led to a decline in its prices, weakening the cost support of polyester filament and further suppressing the price increase space of polyester filament.

In terms of demand, the downstream weaving start-up rate is about 70%, but new orders are mainly in “small batches and short cycles”, with limited increase in foreign trade orders and low enthusiasm for terminal stocking, resulting in cautious procurement. The trading atmosphere in the polyester filament market is flat, with many users in urgent need of replenishment. Although the traditional peak season is approaching, the export of terminal textiles is weak, and the recovery of domestic sales is limited, which suppresses the release of demand.

In terms of inventory, the production and sales of polyester filament are under pressure. The average production and sales of polyester are 31.2%, and the overall inventory in the market is concentrated between 9-19 days; In terms of specific products, POY inventory is around 9-20 days, FDY inventory is around 7-19 days, and DTY inventory is around 8-20 days.

Overall, the price of polyester filament yarn remained stable but slightly weak this week, with core influencing factors including weak dual raw materials on the cost side, weak downstream demand, and inventory pressure from manufacturers. Business Society believes that the decline in the polyester filament yarn market is limited, and future attention should be paid to fluctuations in crude oil prices, recovery of terminal orders, and industry capacity adjustments.

1、 Trend analysis

According to monitoring data from Shengyi Society, on March 6th, copper prices rose strongly, with a daily increase of over a thousand yuan, reaching 78323.33 yuan/ton, a daily increase of 1.93%. Copper prices have been fluctuating upwards since early January this year, rising 6.09% from the beginning of the year and reaching a new high in nearly May. Copper prices in the New York market surged by over 5% on Wednesday, further surpassing other global benchmark prices. The source of this copper market storm lies directly in US President Trump’s remarks about the possibility of imposing high tariffs on imported copper, which quickly triggered a chain reaction in the market, pushing up US copper prices and further surpassing the global benchmark London copper price.

Multiple favorable factors

US tariffs trigger market volatility

In his speech to Congress on Tuesday, Trump mentioned imposing tariffs on copper, and traders are concerned that the tariffs may be higher than expected and come earlier, triggering a crazy rise in copper prices on the New York Mercantile Exchange (Comex) during the Asian session. Market participants generally believe that once import copper tariffs are implemented, it will limit the supply of copper and push up prices. This concern quickly spread in the market, triggering panic buying by investors and exacerbating the upward trend of copper prices.

weaker dollar

The expectation of a Federal Reserve interest rate cut has heated up, leading to a depreciation of the US dollar. The weakening of the US dollar has made commodity prices denominated in US dollars relatively cheaper, attracting more international buyers to enter the market and further driving up demand for copper.

Geopolitical events

Geopolitical events, such as the Russia-Ukraine conflict and the US China trade friction, exacerbated the market’s concern about the stability of the supply chain, and promoted the flow of safe haven funds into the bulk commodity market.

Policy stimulus

China has launched fiscal stimulus measures, such as large-scale equipment upgrades, while Germany plans to establish a 500 billion euro infrastructure fund. Coupled with expectations of interest rate cuts by the Federal Reserve and a weakening of the US dollar, this has boosted the financial attributes and industrial demand for copper.

By 2027, the demand for copper in data centers may account for 3.3% of global copper demand (compared to only 5.2% for electric vehicles), which will drive up copper prices and have a profound impact on the global copper market.

Mining production interruption

Several major copper mines around the world, such as the Cobre copper mine in Panama, have suspended production due to environmental protests or policy issues, and strikes in Chile and Brazil have also affected production. Mining giants such as Anglo American Resources have lowered their production targets, resulting in a slowdown in the growth rate of copper concentrate supply.

Smelting costs and inventory pressure

The copper concentrate processing fee (TC) continues to decline to negative values, putting pressure on smelters’ profits. Although refined copper production has not significantly decreased, the expected tightening of raw materials is heating up. The continuous decline in spot inventory of electrolytic copper in China further exacerbates supply concerns.

Demand side: driven by new energy and electrification

The global energy transition is accelerating, with a surge in investment demand for electric vehicles, photovoltaics, and the power grid. As the largest consumer of copper, China’s power grid investment and new energy policies (such as equipment renewal action plans) directly drive copper demand. Electrification demand is expected to account for over 50% of the global increase in copper consumption by 2025.

LME copper inventory

According to the above chart, LME copper inventory has been slightly decreasing since late February. As of the 6th, LME copper inventory was 259175 tons, a decrease of 4.49% from the beginning of the year.

According to the annual copper price comparison chart, in the past five years, the copper price trend in March has mostly been positive.

Market forecast:

In summary, the recent increase in copper prices is the result of multiple drivers including policies, supply and demand, finance, and geopolitical factors. Trump’s tariff policy has not yet been officially implemented, and its uncertainty remains significant. In addition, the complex and volatile global economic situation may also have an impact on the future trend of copper prices. It is expected that copper prices will remain strong in the short term, and in the future, attention should be paid to the effectiveness of China’s policies, the actual impact of US tariffs, and the recovery of mining capacity.

According to the commodity analysis system of Shengyi Society, starting from March 1st, the hydrogen peroxide market weakened and prices fluctuated and fell. On March 1st, the average price of hydrogen peroxide in the market was 723 yuan/ton. On March 5th, the average price of hydrogen peroxide in the market decreased by 0.92% to 716 yuan/ton.

Negative pressure suppresses the decline of hydrogen peroxide market

At the beginning of March, the terminal printing and papermaking industry had average terminal demand, and hydrogen peroxide manufacturers had weak pricing psychology. They lowered the ex factory price of hydrogen peroxide one after another, and the hydrogen peroxide market showed a weak decline. The average market price fell to 700 yuan/ton, and the price dropped by about 50 yuan/ton. The market transactions are average, and the sales are mediocre.

Business Society’s hydrogen peroxide analyst believes that in mid March, the demand for terminal printing and papermaking industry improved, and the pressure on hydrogen peroxide supply decreased. The market may stop falling and rise in the future.