Morning Market Insights: Acrylic Emulsion

I. Key Points

1. October 20: The market continued to assess the prospects of U.S.-Iran dialogue, with concerns over supply risks easing slightly and international crude oil prices declining. NYMEX WTI crude oil futures (November contract) closed at $101.79/bbl, down $1.87/bbl (-1.80% WoW); ICE Brent crude oil futures (December contract) closed at $108.79/bbl, down $0.76/bbl (-0.69% WoW). China INE crude oil futures (December 2026 contract) rose by 8.5 yuan to 727.3 yuan/barrel during the day session but fell by 32.5 yuan to 694.8 yuan/barrel in the night session.

2. Yesterday, the domestic MMA market operated weakly. Fundamentals showed no significant improvement; holders lowered their offer prices amid a strong wait-and-see atmosphere. Downstream users purchased on an as-needed basis, primarily for rigid demand. In the short term, the domestic MMA market is expected to fluctuate within a narrow range.

3. Yesterday, the trading center of gravity for the domestic butyl acrylate market continued to decline. Upstream propylene oscillated weakly, while raw materials n-butanol and acrylic acid declined simultaneously, weakening cost support for butyl acrylate. Holders adjusted offers according to market trends, with some cautiously offering discounts to clear inventory. Downstream users mainly consumed existing stocks and fulfilled contracts, with limited proactive purchasing. Consequently, the market's trading center of gravity drifted lower. Given the weak cost support, the butyl acrylate market is expected to consolidate weakly today. Attention should be paid to market supply conditions and the resumption of downstream units.

II. Price List

Unit: CNY/ton

III. Market Outlook

Yesterday, raw materials MMA and butyl acrylate trended downward, while styrene saw a slight upward movement within a narrow range. Cost-side factors remained largely stable with minor fluctuations. Acrylic emulsion factories maintained stable prices while increasing sales volume, whereas downstream users mostly placed small orders based on actual needs. Market negotiations remained steady. Today, some raw material markets may drift slightly lower, potentially alleviating cost pressure marginally. Acrylic emulsion factories and traders are focusing on boosting sales volumes, supported by terminal rigid demand. The acrylic emulsion market is likely to trade within a range. Future attention should be directed to developments in the raw material markets for butyl acrylate, MMA, and styrene, as well as the downstream market.