China Commodity Price Index (CBPI) for March is 129.9 points, up 4% month-on-month.

Jointly investigated by the China Bulk Commodity Circulation Branch and Shanghai Ganglian E-Commerce Holdings, the China Logistics and Purchasing Federation released the China Bulk Commodity Price Index (CBPI) for March 2026 at 129.9 points, up 4% from the previous month and up 14.5% year-on-year. From the operation of the index, after the festival, enterprise production steadily recovered, market demand was released well, and both supply and demand showed positive changes, further consolidating the foundation of the improvement in the bulk commodity market. However, the ongoing tension in the Middle East, drastic fluctuations in international bulk commodity prices, increased external input risks, rising uncertainties in the import of energy, chemicals, and other bulk commodities, and significant pressure on the rise in production costs for some enterprises are all factors that need to be addressed to maintain stability in the bulk commodity industry supply chain. It is necessary to further strengthen the assessment and control of external input risks, broaden the sources of raw materials and use of alternative resources, and enhance the ability to cope with market price fluctuations. By industry, the chemical price index rose significantly to 122.5 points, up 21.8% month-on-month and up 12.9% year-on-year; the energy price index rose rapidly to 110.7 points, up 16.5% month-on-month and up 10.7% year-on-year; the Shenzhen Agricultural Power Group price index continued to rise to 101.1 points, up 2.8% month-on-month and up 3.8% year-on-year; the black price index rebounded from its decline to 79.7 points, up 0.9% month-on-month and down 0.8% year-on-year; the non-ferrous price index fell slightly to 158.0 points, down 0.1% month-on-month but up 20.2% year-on-year; and the mineral price index continued to decline to 69.2 points, down 0.7% month-on-month and down 11.1% year-on-year. In terms of specific commodities, among the 50 bulk commodities monitored by the China Logistics and Purchasing Federation, compared with the previous month, prices of 38 commodities (76%) increased, while prices of 12 commodities (24%) decreased. The top three commodities with the highest increase in prices this month were diesel, methanol, and ethylene glycol, with month-on-month increases of 30.5%, 30.4%, and 29.3% respectively; the top three commodities with the largest decrease in prices were neodymium praseodymium oxide, electrolytic zinc, and coking coal, with month-on-month decreases of 7.0%, 3.6%, and 3.6% respectively. In comparison with domestic and international indices, the CBPI trend differed from the previous month's Producer Price Index (PPI) trend but was generally consistent with the Consumer Price Index (CPI) trend. In February, the PPI rose by 0.4% month-on-month, with prices of production materials rising by 0.5% and prices of living materials remaining unchanged. In February, the CPI rose by 1.0% month-on-month, with food prices rising by 1.9% and non-food prices rising by 0.8%. The CBPI trended similarly to the CRB and S&P GSCI indices but with significantly smaller increases than the international market. Tensions in the Middle East and disruptions to shipping in the Strait of Hormuz have led to severe fluctuations in global bulk commodity prices. Energy and chemical prices have risen sharply due to the increase in global oil prices and a significant decline in Middle Eastern exports; most basic metal prices have declined due to concerns about global economic downturn, rising inflation expectations, and a stronger US dollar; and some Shenzhen Agricultural Power Group prices have risen due to an increase in demand for fertilizers and biofuels.