Morning Market Briefing: Acrylic Emulsion

I. Key Points

1. September 23: Iran stated that it is not in a hurry to initiate negotiations until relevant conditions are met, and the Strait of Hormuz remains closed for now, driving up international oil prices. NYMEX crude oil futures (November contract) settled at $92.16/barrel, up $1.64/barrel (+1.81% QoQ). ICE Brent crude futures (November contract) settled at $103.08/barrel, up $3.83/barrel (+3.86% QoQ). China INE crude oil futures (contract 2611) fell by 22 yuan to 695.1 yuan/barrel during the day session, then rose by 34.9 yuan to 730 yuan/barrel in the night session.
2. Yesterday, fluctuations in the domestic MMA market were limited. Holders focused on selling inventory, with some deals negotiated at slightly lower prices. Trading feedback was sparse, making short-term market improvement unlikely. The domestic MMA market is expected to remain sluggish in the short term.
3. Yesterday, the domestic butyl acrylate market trended downward amid volatility. Upstream propylene remained weakly stable, while raw material n-butanol also declined amidst fluctuations. Cost pressures for butyl acrylate continued to shrink. Sellers adopted an aggressive stance on shipments, offering flexible quotes based on market trends. A wait-and-see sentiment prevailed among participants, causing the overall negotiation center to drift lower. It is anticipated that the price center for raw material n-butanol will likely remain weak today, suggesting the butyl acrylate market will continue to consolidate weakly. Future developments should focus on changes in market supply and downstream demand.

II. Price List

Unit: CNY/ton

III. Market Outlook

Yesterday, markets for butyl acrylate, styrene, and MMA all showed narrow declines as cost-side support weakened. Suppliers of acrylic emulsions maintained stable pricing for offers and shipments, while downstream enterprises made small replenishment purchases. Market negotiations remained generally steady. In the short term, raw materials may continue to fluctuate with a weak bias, potentially providing slight relief from cost pressures. With holidays approaching, terminal enterprises are following through with essential demand. Emulsion factories and traders are primarily maintaining stable quotes to boost volume. The transaction range is expected to remain stable. Future attention should be paid to dynamics in raw materials such as butyl acrylate, MMA, and styrene, as well as downstream market movements.