1. Monthly Hot Topics

a) Production: Costs continued to rise this month, putting pressure on acrylic emulsion plants and leading to cautious procurement. Capacity utilization rates remained relatively low, keeping supply stable.

b) Downstream: The raw material market maintained high and firm prices. Emulsion plants, under cost pressure, actively supported prices. End-users entered the market for essential restocking, pushing the center of market negotiations higher.

2. Monthly Market Analysis

Data Source: Chempricehub Information

Acrylic emulsion prices rose this month. From the raw material perspective, crude oil fluctuated frequently at high levels, while markets for butyl acrylate, MMA, and styrene all showed upward trends, continuously pressuring costs. Persistently high costs supported the willingness of acrylic emulsion enterprises to maintain prices, causing the center of market offers to shift upwards steadily. With raw material prices continuing to rise, acrylic emulsion plants maintained medium-load capacity utilization. Downstream customers primarily purchased based on rigid demand, keeping constant market demand steady and maintaining a relatively balanced supply-demand structure. Overall, high cost pressure drove the acrylic emulsion market higher. As of October 28, the reference price for styrene-acrylic emulsion was 6,200–6,600 CNY/ton, and for pure acrylic emulsion, it was 7,800–8,500 CNY/ton. Actual transactions were negotiated case by case.

3. Analysis of Market Influencing Factors

1. Styrene: In October 2026, spot styrene in Jiangsu experienced wide fluctuations with alternating rises and falls, intensifying market volatility. The price center shifted significantly higher compared to the previous month, with the monthly trading range at 10,960–11,960 CNY/ton and a maximum spread of 1,000 CNY/ton. The market overall presented a tug-of-war dynamic dominated by costs, supported by low inventories, and suppressed by weak demand. Cost factors were the core theme driving the month's trend, moving from strong to weak and then back to strong. At the beginning of the month, high crude oil prices combined with expectations of reduced operating rates for pure benzene provided strong raw material support, pushing styrene prices up. Mid-month saw corrections in crude oil and pure benzene, weakening cost support and causing the market to adjust. Towards the end of the month, raw materials rebounded sharply again, restarting cost support and boosting market price recovery. Regarding supply and demand, domestic supply was generally tight. Inventory at East China ports fell to year-to-date lows, resulting in tight spot circulation and firm basis spreads. Coupled with the release of short-covering demand towards the end of the month, this provided significant price support. Regional trends diverged; East China supplies remained firm, while Shandong focused on volume sales through discounts, widening regional spreads intermittently. Demand performance was generally weak, offering limited boost to the market. During the National Day holiday, downstream operating rates declined. Although loads recovered slightly after the holiday, end-user orders remained sluggish. Downstream enterprises maintained rigid-demand purchasing, being cautious about chasing highs. High raw material costs failed to pass down effectively, limiting market follow-through sentiment and constraining upside potential. Overall, styrene prices rose due to cost fluctuations and low inventory support, but lacked momentum due to weak demand constraints, maintaining an oscillating yet slightly bullish trend.

2. MMA: In October, the domestic MMA market rose first and then fell, with a rebound in the latter half of the month leading to an increase in average prices. After the holiday, driven by costs, MMA offers rose slightly. Downstream players mainly executed existing contracts, with general sentiment for spot purchases. The market stagnated and consolidated after the initial rise. However, mid-month, some holders became eager to sell, loosening offers and lowering negotiation centers, with buyers following suit based on needs. Entering the latter part of the month, supported by costs and delayed vessel arrivals, offers within the market rose again. Downstream players were cautious about chasing highs, with actual transactions dominated by small volumes. Average monthly prices in East China, Shandong, and South China rose by 1.87%, 1.33%, and 2.90% month-on-month, respectively. As of the 28th, mainstream offers in East China were at 13,000–13,100 CNY/ton (spot cash ex-warehouse). Negotiation references in Shandong were around 13,000 CNY/ton (spot cash ex-warehouse), while transactions in South China were negotiated at 13,500–13,800 CNY/ton (credit term delivered price).

3. General Sentiment: High cost pressure provided support, terminal demand released in phases, and trading atmosphere improved slightly.

4. Outlook

The acrylic emulsion market price is expected to remain firm next month. From the raw material side, geopolitical risks in the Middle East in November remain uncertain. Major raw materials like butyl acrylate, styrene, and MMA are likely to consolidate at relatively high levels, keeping cost pressure intact. On the supply side, emulsion plant operating rates may remain at low loads, keeping spot supply relatively stable. On the demand side, as weather turns colder, downstream enterprise demand is expected to be mediocre. Market entry for purchasing may be cautious and wait-and-see oriented, potentially leading to a slight narrowing in demand. Overall, in November, cost pressures on the acrylic emulsion sector may persist, demand may contract slightly, and market negotiations will likely fluctuate alongside raw material movements. Considering both cost and supply-demand factors, the acrylic emulsion market is expected to run firmly next month.