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MARKET OVERVIEW

MMA prices across Asia have softened, attributed to ample supply and turmoil stemming from the ongoing tariff war, which has significantly dampened trade activity. Most buyers have continued to scale back their purchases in response to the uncertain and messy economic landscape. In the downstream sector, escalating tariff conflict and rising tensions between China and the U.S. have kept market participants highly cautious. As a result, many customers are adopting a “procure-as-needed” strategy amid recent market instability, falling upstream prices, and weakening domestic Chinese prices. Yuan-denominated prices have continued to decline, and the outlook remains bleak, with limited room for improvement as trade tensions persist. MMA producers are increasingly concerned as the current climate proves difficult, with overall demand remaining tepid and rising inventory levels-driven by sluggish offtake-becoming a major burden for sellers. Adding to the uncertainty, former U.S. President Trump announced plans to impose substantial docking fees on Chinese ships at US ports in an effort to revive the American shipbuilding industry. However, this policy could negatively impact US agricultural exports and cause significant supply chain disruptions, prompting urgent revisions. Further clouding the outlook, the U.S. government announced a new set of ‘reciprocal tariffs’ on several countries in early April. Just days later, these tariffs were suspended for a 90-day period-except for those targeting China. The latest round of tariffs includes a 145% duty on certain U.S. imports from China (with some exemptions for electronics). In retaliation, China raised tariffs on U.S. goods to 84%, further intensifying the standoff between the two economic superpowers. The sharp escalation has fueled concerns over weakening global demand, especially in plastics and chemicals tied to consumer goods, construction, and the automotive industry. In response, Beijing is expected to roll out new stimulus measures focused on housing and consumption support, although the timing and effectiveness of such efforts remain uncertain. Overall sentiment in the MMA market remains cautious, with participants closely monitoring trade developments, macroeconomic indicators, and potential policy interventions. The current status of U.S. tariffs on other countries is as follows:

PS: The original tariff rate was announced on April 10 and will be suspended for a 90-day period.

The MMA prices outlook for June remains conservative, with a slight downward trend in demand anticipated.

FEEDSTOCK

On April 23, OPEC+ announced plans to accelerate oil output hikes starting in June, with members scheduled to meet on  May 5 to finalize the production strategy. This move has added further downward pressure on prices, as the potential increase in OPEC supply exacerbates existing concerns about an oversupplied market in the context of a weakening global economic outlook. If negative sentiment returns to trading floors, crude prices may lose further momentum. Adding to supply-side uncertainties, the U.S. imposed fresh sanctions on Chinese importers of Iranian crude oil. Meanwhile, Washington announced a 90-day pause on implementing new tariffs against other trading partners, offering partial relief to some sectors. However, recent data from the U.S. Energy Information Administration (EIA) showed a large-than-expected build in crude oil inventories, which also weighed on market sentiment. As of April 29, crude oil prices declined, with WTI at US$62.5/bbl and Brent at US$68.86/bbl, both fluctuating within a range of US$62–66/bbl. Adding to the complex outlook, easing tensions between the U.S. and Russia and potential peace talks regarding the Russia-Ukraine conflict have raised expectations for reduced sanctions and a possible full restoration of Russian oil exports. Upstream, Asian naphtha prices dropped to US$560-600 pmt CFR NE Asia, tracking crude oil price declines. Meanwhile, with spot ethylene prices fell to US$780-840 pmt CFR Asia, reflecting weak demand. However, propylene prices stabilized at US$820-850 pmt CFR Taiwan. Acetone prices continued to decline, reaching US$670~720 pmt CFR SE Asia, under pressure from poor market demand and inventory liquidation in China. MTBE prices fell to US$680~720 pmt CFR Asia, driven down by soft demand and declining feedstock costs. Methanol prices stabilized at US$330~350 pmt CFR Taiwan. MMA producers remain cautious as overall market demand stays weak. The startup of new MMA production capacities is adding supply-side pressure, further limiting any upside in MMA prices.

PRODUCTION AND MARKET

Europe: the MMA market continues to experience sluggish demand, with tariff uncertainties further pressuring spot prices downward. Most contract prices have dropped by EUR 100~200/mt amid ample supply and competitively priced MMA imports from Asia. The weakening of the U.S. dollar against the euro, combined with falling freight rates, has made Asia imports more attractive and relatively cheaper. End-user demand remains steady but is largely covered by contracted volumes, limiting spot market activity. The anticipated seasonal pickup in coating demand has yet to materialize, while the automotive sector remains bearish. On the supply side, Röhm GmbH 95 kpta MMA plant in Wesseling, Germany, is scheduled to shut down for maintenance from May 10 until June 7. According to reports, Eurozone GDP forecasts have been revised down to +0.8%, and further changes-either upward or downward-may occur depending on the tariffs and future trade negotiations with the U.S., and other countries. Previously positive signals from many European sentiment indexes, such as Sentix or ZEW, have now reversed and are trending downward.

United States: the MMA market’s supply-demand fundamentals remain balance, with prices showing no significant change. However, there are growing concerns that downstream segments could be squeezed as rising input costs collide with lower demand amid a volatile economic environment. Key downstream industries are facing major headwinds due to plummeting consumer sentiment. In the U.S. homebuilder confidence remains low, weighed down by elevated building material costs. According to Oxford Economics, while U.S. housing starts are expected to grow by of 11% in February (from 1.4 million to 1.5 million housing units), hosing starts decrease by 2.9% year-on-year. U.S. construction in 2025 is forecasted to grow by 2.6% compared to 2024, while Q2 2025 is expected to see growth of 2.2% consistent with 2023. Fitch Ratings has revised its 2025 outlook for the global auto sector from “neutral” to “deteriorating” citing the impact of U.S. tariffs on auto imports. On the supply side, key developments include:

Ø   Dow 425kpt MMA plant in Deer Park is undergoing turnaround planning and continued to declare sales control on US MAA and MAA.

Ø   Röhm GmbH and OQ Chemicals are collaborating on a 250 kpta MMA plant in Bay City, Texas, utilizing Röhm’s LiMA technology. The plant is expected to ramp up in May.

U.S. tariff situation on MMA import country is a follow:

PS: The data source referenced typical U.S. import flow patterns as reported by industry analysts and the U.S. International Trade Commission USITC DataWeb.

Asia: MMA spot prices saw a slight decline, with buying interest remaining subdued due to ample stock levels across the region. Most buyers are adopting a wait-and-see approach amid ongoing volatility in China’s domestic pricing. This instability is expected to impact not only finished product exports but also its MMA pricing, creating broader uncertainty in the regional market. Producers are maintaining a cautious stance, as MMA plant operating rates remain low-hovering around 50~60%. Several producers have reported unplanned shutdowns or production cuts in Q2, further tightening overall supply. In Taiwan and South Korea, market activity continues to be limited amid subdued downstream demand. Meanwhile, South Korea has announced emergency support measures for its export-driven automotive industry, following the implementation of a 25% U.S. tariff on vehicles and auto parts effective April 10. The development raises concerns for MMA and ABS demand, as both are critical raw materials used in automotive applications such as headlights, panels, and interior components.

CHINA DOMESTIC MARKET OVERVIEW

The domestic MMA market remains under significant bearish pressure, reflecting a persistently weak supply-demand balance. Buyers continues to monitor feedstock cost trends closely, but broader macroeconomic challenges and subdued end-user demand have led to downward pressure on spot prices. The combination of a global economic slowdown, ongoing trade tensions, and tepid downstream activity has further deteriorated sentiment across the MMA sector. Spot market activity has worsened, particularly amid steep declines in upstream values. Export offers from China remain limited due to weak yuan-denominated prices, with some participants quoting FOB China pries around US$1,300/mt. According to ICIS data, domestic MMA prices fell to CNY 10,500–11,500/mt ex-works by the end of April.

Market Supply Updates:

1. Oxixiang Tengda – One unit at the 200 kpta MMA plant in Shandong has been shut down due to cost pressures.
2. Shenghong Group (Jiangsu Sierbang Petrochemical) – Plans to shut down one unit at its 340 kpta MMA plant in Lianyungang.
3. Wanhua Chemical – One unit at its 110 kpta MMA plant in Yantai is shut down; another unit is operating at 70–80% capacity.
4. Dongying Yingke Chemical – The 50 kpta MMA plant in Shandong is scheduled for shutdown.
5. Wanda Hongxu Chemical – The 125 kpta plant in Dongying City, Shandong, was shut down on April 6.
6. Shanghai Lucite International – The 180 kpta MMA plant restarted in April and is operating at approximately 50% capacity.

According to Chemical Market Analytics, the national average operating rate for MMA plants in China is estimated at 62–67%.

DOWNSTREAM

On the PMMA front, market fundamentals remain stable to soft, as buyers remain cautious amid uncertainty surrounding the 90-day pause on U.S. tariffs, which has provided little clarity on future trade policies for Asia and beyond. Additionally, the overall pessimistic economic outlook has further dampened sentiment. According to a report by the Bank of Korea on April 24, South Korea’s economy contracted by 0.1% year-on-year in Q1. Consumption remains weak, exacerbated by an ongoing political crisis and falling exports—partly due to the impact of U.S. tariffs. In China, domestic methyl methacrylate (MMA) prices have declined, further suppressing demand for PMMA imports and eroding buying interest. Buyers are hesitant, choosing to monitor upstream price trends, with restocking activity remaining subdued. Upstream MMA feedstock prices have dropped by CNY 500–800/mt, now standing at CNY 10,500–11,500/mt DEL. Meanwhile, domestic PMMA prices in China have remained broadly stable, ranging between CNY 15,500–16,500/mt EXWH for locally sourced material. Prices for PMMA from non-Chinese producers remain unchanged, ranging from CNY 16,500–17,500/mt EXWH. In Southeast Asia, spot prices for general-purpose (GP) PMMA also remain stable, reflecting limited import appetite and sluggish downstream activity. GP PMMA spot prices are currently assessed at US$1,950–2,150/mt CFR SE Asia.

On the acrylic sheet side, the market demand has shown stable following the Eid al-Fitr and Songkran Water Festival holidays, with factories gradually resuming operations in the second half of April. In Indonesia, market sentiment remains healthy, with buyers continuing to secure contract MMA volume to ensure stable production. In Vietnam and Thailand, domestic demand from end-user sectors remains sluggish. This, combined with squeezed profit margins, has led to significant curtailment in cast sheet pricing. Weak downstream affordability continues to pose a downside risk. Most cast sheet manufacturers in these regions have maintained low production rate and are procuring raw materials only on a need -to basis. In Taiwan, domestic market demand also remains weak, prompting further production cuts among cast sheet producers. Cast sheet prices across the region are currently ranging from US$2.20~2.50/kg CFR.

On the resin side and related markets, resin demand in Asia has increased following the U.S. implementation of ‘reciprocal tariff’ on goods imported from China. This has prompted buyers to seek alternative supply sources outside of China, leading to growing demand in Malaysia, Thailand, Vietnam and Taiwan. In the acrylonitrile-butadiene-styrene (ABS) market, demand has slightly improved, supported by restrained production levels and surging feedstock costs. The average ABS plant operating in China is estimated at approximately 60%. However, downstream segments such as home appliances and consumer electronics continue to procure ABS only on an as-needed basis. The Asian ABS market is holding steady, with spot prices ranging from US$1,330 - $1,430/mt. In the acrylamide sector, demand has declined slightly, prompting some producers to reduce output amid weak downstream orders. Ongoing uncertainty around U.S. trade policies has kept acrylamide prices relatively flat. Meanwhile, nitrile butadiene rubber (NBR) demand has remained stable across most Asian markets. In India, MMA import demand remains bearish. A wide price gap has emerged, as buyers hold firm at US$1,300/mt CFR India, while sellers continue to offer around US$1,400/mt CFR, reflecting persistent market hesitancy.

MMA PRICES