Lead-in: In September, the domestic MMA market saw a significant rise driven by costs, followed by a slight decline in late September. As of September 30, the average monthly price in the East China region rose by CNY 1,359/ton to CNY 12,761/ton, representing a year-on-year increase of 11.92%. The market closed steadily before the holiday. During the holiday period, some downstream enterprises reduced operating rates; however, cost and supply factors provided support. With the interplay between cost pressures and supply-demand dynamics, the market is expected to potentially trade slightly higher within a narrow range after the holiday.
Table 1: Price List for Domestic MMA and Related Products
| Region/Product | Sep 18, 2026 | Sep 30, 2026 | Change | % Change | Unit |
|---|---|---|---|---|---|
| Key Regions | |||||
| National Average | 13,417 | 13,133 | -284 | -2.12% | CNY/ton |
| East China | 13,350 | 13,050 | -300 | -2.25% | CNY/ton |
| Shandong | 13,300 | 13,000 | -300 | -2.26% | CNY/ton |
| South China | 13,600 | 13,350 | -250 | -1.84% | CNY/ton |
| Key Downstream | |||||
| PMMA Particles | 14,800 | 15,000 | +200 | +1.35% | CNY/ton |
| Pure Acrylic Emulsion | 7,800 | 7,800 | 0 | 0.00% | CNY/ton |
| Key Related Products | |||||
| Acetone | 8,700 | 8,500 | -200 | -2.30% | CNY/ton |
| Isobutylene | 11,400 | 11,400 | 0 | 0.00% | CNY/ton |
| TBA (85% Purity) | 8,000 | 8,000 | 0 | 0.00% | CNY/ton |
Data Source: Chempricehub Information
Towards the end of the month, holders showed willingness to sell, leading to lower offers, though the decline was limited. As shown in the table above, taking the East China market as an example, prices dropped by CNY 300/ton (-2.25%) from September 18 to September 30, with limited price spreads across regions.
On the cost side, acetone prices in Jiangsu fell by CNY 200/ton from September 18 to September 30, hovering around CNY 8,500/ton. Prices for isobutylene and tert-butyl alcohol remained flat compared to September 18. Costs for both MMA production processes provide certain support for MMA prices.
Regarding terminal products, cost transmission remains difficult. Before the holiday, downstream buyers purchased raw materials on an as-needed basis, keeping prices firm. Specifically, PMMA particle prices rose slightly; as of September 30, reference negotiation prices for PMMA particles in East China ranged from CNY 14,000 to CNY 16,200/ton. Pure acrylic emulsion prices remained stable near CNY 8,000/ton, while other downstream product prices showed limited fluctuation.
Table 2: Data List for Domestic MMA and Related Products
| Product Name | Indicator | Sep 18, 2025 | Sep 30, 2025 | Change | % Change | Unit |
|---|---|---|---|---|---|---|
| MMA | ACH Process Gross Margin | 85 | 98 | 13 | 15.29% | CNY/ton |
| C4 Process Gross Margin | -531 | -1,006 | -475 | -89.45% | CNY/ton | |
| Capacity Utilization Rate | 57% | 57% | 0 | 0% | % | |
| Key Downstream | ||||||
| PMMA Particles | Capacity Utilization Rate | 47% | 47% | 0 | 0.00% | % |
| Pure Acrylic Emulsion | Capacity Utilization Rate | 39% | 39% | 0 | 0.00% | % |
Data Source: Chempricehub Information
As of September 30, the capacity utilization rate for the MMA industry stood at 57%, unchanged from September 19. Earlier in the period, some plants reduced loads or underwent maintenance, limiting supply-side pressure. MMA costs remain high; theoretical gross margins for the two processes were CNY 98/ton for the ACH process and -CNY 1,006/ton for the C4 process. Compared to September 19, the ACH margin increased by 15.29%, while the C4 margin declined by 89.45%.
On the downstream side, operating rates for PMMA particles and acrylic emulsions remained stable at 47% and 39%, respectively. Procurement of MMA raw materials continued based on rigid demand.
Table 3: Domestic MMA Data Forecast
| Indicator | Sep 30, 2025 | Oct 9, 2025 (Est.) | Change | % Change | Unit |
|---|---|---|---|---|---|
| Capacity Utilization Rate | 57% | 56% | -1 | -1.00% | % |
| Key Downstream PMMA Particle Capacity Utilization Rate | 47% | 47% | 0 | 0.00% | % |
Data Source: Chempricehub Information
Market sentiment survey results as of September 30, 2025, indicate that 38% of respondents are bullish, 33% expect stability, and 29% are bearish. Those expecting stability cite the difficulty of price movement and ongoing market tug-of-war. Bearish views stem from significant cost pressures on downstream sectors and potential market pullbacks. Bullish views are supported by cost and supply factors.
For the post-holiday market, it is anticipated that some plants will schedule maintenance, further reducing capacity utilization and easing supply-side pressure. Downstream users are executing new contracts, with some spot purchasing plans still in place, maintaining rigid demand. Both costs and supply-demand dynamics involve variables. If fundamentals during and after the holiday align closely with planned expectations, the MMA market may see a slight upward trend. However, specific trends depend on news developments and market clarity, with the average price in October expected to rise.
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