Why did methacrylic acid prices surge in 2024 despite weak downstream demand?

Why did methacrylic acid prices surge in 2024 despite weak downstream demand?
The MMA-PMMA chain saw a sharp rally in 2024, with MMA prices climbing over 4,000 yuan/ton from the March 2023 trough of about 10,224 yuan/ton. Key drivers included persistently low operating rates since late 2023 — many plants ran below 50% or stayed idle due to squeezed margins from high crude costs and soft offtake. Import volumes fell, especially in Q1 2024, with February PMMA imports down 37% year-on-year. Seasonal maintenance from March further tightened supply, while exports grew 7.2% in Q1. This supply-side squeeze, amplified by speculative trading, pushed MMA to multi-year highs by mid-2024, with ACH-method margins exceeding 5,000 yuan/ton.