According to the commodity analysis system of Shengyi Society, the market for hydrogen peroxide has slightly increased after the May Day holiday. On May 1st, the average market price of hydrogen peroxide was 693 yuan/ton. On May 7th, the average market price of hydrogen peroxide will be 700 yuan/ton, a decrease of 0.96% in price.
Demand increases, hydrogen peroxide market rebounds
After the May Day holiday, the demand for terminal printing and papermaking industries increased, and some hydrogen peroxide manufacturers continued to shut down for maintenance, resulting in a decrease in supply pressure. The price of hydrogen peroxide slightly increased, and the average price in the domestic market rose to around 700 yuan/ton, with a price increase of about 50 yuan/ton. The hydrogen peroxide market is heating up, with increased market transactions and mainly fluctuating upward trends.
Business Society’s hydrogen peroxide analyst believes that in mid May, the demand for terminal printing and papermaking industry will gradually increase, and the pressure on hydrogen peroxide supply will decrease. The market will continue to rise in the future.

According to the Commodity Market Analysis System of Shengyi Society, the coke market in Shanxi Province operated steadily on April 30th, with an average price of 1578.33 yuan/ton. Overall, the domestic coke market is currently operating in a narrow and weak range in April.
2、 Market analysis
In terms of price, the coke market in April showed a stalemate game feature. At the beginning of the month, enterprises raised prices, but were strongly resisted by steel mills and failed to land. Downstream steel mills’ profits contracted, demand was weak, and steel mills increased their pressure on raw material prices. The upstream cost support was insufficient, and downstream steel mills continued to be weak. On April 30th, the metallurgical coke prices in the Tianjin Port market were temporarily stable. The port’s quasi first grade coke prices are currently 1440 yuan/ton, and the first grade coke prices are 1540 yuan/ton, both of which are closing acceptance prices. On April 30th, the coke prices in the Binzhou market were temporarily stable. The local quasi first grade A13 dry quenching prices are 1570-1590 yuan/ton, and the second grade wet quenching prices are 1260 yuan/ton, both of which are factory prices including tax.
3、 Future forecast
Business Society’s coke analyst believes that the coke market is expected to experience weak fluctuations in the short term, and attention should be paid to the progress of steel mills’ profit recovery.

According to the Commodity Market Analysis System of Shengyi Society, the domestic natural rubber spot market has slightly declined since April. As of April 30th, the spot rubber market in China’s natural rubber market was around 14458 yuan/ton, a decrease of 10.60% from 16172 yuan/ton at the beginning of the month. In April, the downstream all steel tire production slightly decreased, while the half steel tire production remained stable, providing support for the demand for natural rubber; The natural rubber raw material market has fallen sharply, and the cost of natural rubber still supports a weakening trend; With the gradual transition of natural rubber supply from low production period to high production period both domestically and internationally, the domestic natural rubber inventory continues to increase slightly, which has a negative impact on the natural rubber market.
As of April 30th, the price of Thai glue was 58.50 baht/kg, a significant decrease from 68.00 baht/kg at the end of March, and a slight increase from the mid to low level. Currently, major overseas production areas are gradually being cut off, while Yunnan in China has already started cutting off. The expected supply of rubber raw materials at home and abroad is gradually increasing, and the price of natural rubber raw materials is expected to continue to decline in the later stage.
The natural rubber inventory continued to increase slightly in April, which had a bearish impact on the natural rubber market. As of April 27, 2025, the total inventory of Tianjiao bonded and general trade in Qingdao area was 608700 tons, slightly higher than the 602300 tons at the end of March.
The slight decrease in downstream tire production in April mainly supported the demand for natural rubber in the market. As of April 25th, the operating load of semi steel tires in domestic tire enterprises was around 7.8%; The production of all steel tires by tire companies in Shandong Province has slightly decreased to around 6.3% of the load.
Market forecast: Although there is a slight rebound in domestic and foreign raw material prices, expectations continue to decline in the later stage, and downstream inquiries are in a wait-and-see atmosphere, which weakens support for natural rubber. In addition, the inventory of Tianjiao Port is still at a high level; Overall, it is expected that the natural rubber market will continue its weak consolidation trend in the later stage.

According to the monitoring of the commodity market analysis system of Shengyi Society, as of April 18th, the price of 0 # zinc was 22422 yuan/ton, a decrease of 2.04% from the zinc price of 22888 yuan/ton on April 14th.
This week’s market analysis
This week, some domestic smelting enterprises’ originally planned maintenance arrangements have been delayed, resulting in the continuous release of supply side production capacity, steady increase in the supply of zinc ingots and other products, and price reductions.
Raw material end
The domestic output of zinc concentrate is steadily increasing, while the inflow scale of imported zinc concentrate has been reduced. In this context, it is necessary to closely monitor the arrival dynamics of zinc concentrate purchased at locked prices when the import window is opened in the early stage. Overall, the supply pattern of domestic zinc concentrate remained loose in April, and it is expected that there is still room for further increase in zinc concentrate processing fees.
Supply and demand side
The originally scheduled maintenance plans of some domestic smelters have been delayed, resulting in the continuous release of supply side production capacity and the continuous increase in the supply of zinc ingots and other products. At the same time, the extent of import losses is gradually narrowing, and the import window is showing signs of opening. Based on this speculation, there may be more imported zinc ingots entering the domestic market in the future.
On the demand side, zinc prices are in a relatively low range, and downstream companies have started to adopt a low price replenishment mode. Driven by this, the raw material inventory of zinc primary processing enterprises has rapidly risen to a relatively high level. In terms of the current production pace and order situation, these inventories are difficult to fully digest in the short term.
Inventory end
The total inventory of zinc ingots decreased compared to last week, while LME zinc inventory increased compared to last week.
comprehensive analysis
The current consumer market has not shown any significant signs of recovery, and the traditional peak consumption season is quietly coming to an end. In this situation, the enterprise is facing the dilemma of stockpiling raw materials in the short term, making it difficult to digest. At the same time, some domestic smelters have delayed their scheduled maintenance plans, resulting in a continuous release of supply side capacity and an increase in zinc supply. Under the shadow of a bearish fundamental pattern, zinc prices are expected to remain under pressure.

Price trend: first suppressed and then rose, with severe fluctuations within the month
According to the monitoring of the commodity market analysis system of Shengyi Society, nickel prices showed a “V-shaped” rebound in April. At the beginning of the month, nickel prices hit a bottom due to the impact of the US tariff policy towards China. On April 9th, spot electrolytic nickel fell to a four-year low of 120875 yuan/ton, a decrease of 7.22%. Subsequently, due to the disturbance of Indonesian policies and the recovery of macro sentiment, nickel prices stopped falling and rebounded. At the end of the month, nickel prices were 125033 yuan/ton, a monthly decline of 4.03%.
analysis of influencing factors
1. Macro emotions dominate short-term fluctuations
The impact of tariff game: At the beginning of the month, the United States announced the imposition of “equivalent tariffs” on Chinese goods, and China responded by imposing a 34% tariff on imported goods from the United States, triggering panic selling in the non-ferrous sector.
Policy expectation easing: Trump’s tariff easing statement coupled with the Fed’s dovish signal has led to a rebound in market risk appetite, but the rebound in nickel prices is weak due to weak fundamentals.
2. Supply pressure continues to suppress prices
Indonesian policy disturbance: Indonesia’s PNBP policy came into effect on April 26th, and the expected increase in nickel mining costs supports nickel prices, but the actual implementation strength remains to be observed.
The increase in imported ore is significant: the rainy season in the Philippines has basically ended, and the import volume of nickel ore in March increased by 34% month on month to 1.5352 million tons, easing the short-term supply shortage, but still slightly decreased by 0.45% year-on-year.
High inventory is difficult to digest: On April 28th, overseas LME nickel inventory was 201426 tons, an increase of 2706 tons during the month. The domestic inventory of Shanghai nickel is 24632 tons, although it has slightly decreased by 2114 tons, the global explicit inventory is still at a historical high.
New high production: In March, the domestic refined nickel production reached 36700 tons (+12% year-on-year), and it is expected to further increase production in April. The pattern of oversupply has not changed.
3. Insufficient resilience on the demand side
Stainless steel drag: The off-season of terminal consumption combined with export policy restrictions resulted in a 4.75% monthly drop in stainless steel prices, and weak demand for nickel from steel mills.
Electroplating alloy stability maintenance: Purchasing at low prices supports some essential needs, but it is difficult to offset the weakness in the stainless steel field.
The demand for new energy (ternary batteries) is expected to improve in the long term, but the short-term driving force is limited.
Outlook for the future: Bottom up under the oscillation of supply and demand game
Nickel continues to have an oversupply pattern, with prominent supply-demand contradictions and upward pressure on prices. It is expected that nickel prices will continue to fluctuate within the range of 125000-130000 yuan/ton in May, and special attention should be paid to the implementation of Indonesian policies, the progress of stainless steel destocking, and macro policy trends.