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MARKET OVERVIEW

In Asia, spot MMA prices have stabilized, largely because they have already reached the bottom and most producers have no room for further decreases. However, weak downstream affordability and sluggish global market demand continue to negatively impacted by several geopolitical events, including Israel's invasion of Palestine and the ongoing Russia-Ukraine war. In addition, reciprocal U.S. tariffs have undermined market confidence and driven MMA operating rates to unprecedented lows. Market demand for MMA remains tepid, with many buyers in no rush to purchase, citing sufficient inventories and unfavorable margins. This resistance reflects broader concerns about a prolonged economic slowdown. Consequently, the market faces a significant challenge as most buyers have scaled back MMA purchases, adopting a cautious "wait-and-see" approach while anticipating weaker demand from Europe and the U.S. Actual trade activity remains subdued, pressured by low localized MMA prices and high U.S. tariff costs. Looking ahead, overall MMA supply is expected to remain constrained, with most producers limiting transactions and focusing on replenishing their lean inventories. Nevertheless, market participants are cautiously optimistic that the long-running US-China trade conflict-now in a negotiation phase since late September-together with the one-point U.S. interest rate cut on September 18, will help support market stability or even growth in the fourth quarter of 2025. Separately, Indonesia has faced significant political and natural disruptions. On August 29, in Jakarta, student protests against alleged parliament corruption escalated into violent clashes with riot police, resulting in the death of a deliveryman. This incident sparked widespread demonstrations across Jakarta, Surabaya, Sigang, and other parts of Indonesia. Although the situation has eased since mid-September, and the government has implemented reforms, reports indicate that the unrest has not been fully resolved. Additionally, extreme weather has further impacted regional markets. According to Abdul Muhari, spokesman for Indonesia's National Disaster Mitigation Agency (BNPB), heavy rains beginning September 9 triggered floods and landslides in seven districts of Bali. The disaster has claimed 19 lives, with five more still missing and over 500 residents displaced. Schools, village halls, and mosques have been converted into temporary shelters.  The outlook for MMA prices in November is expected to remain steady to weak. A meaningful recovery in demand–rather than further supply-side adjustments–will be needed to drive sustained improvement. As such, prices are likely to stay stable or only slightly higher in the near term.

FEEDSTOCK

On the feedstock side, US-China trade war truce announced there would be a further 90-day extension in August. OPEC released the report on August 12, in which the 2025 demand growth forecast remains at 1.3MMb/d, while lifting 2026 to 1.4 MMb/d. Meanwhile, the IEA also reported that demand growth is forecasted to be lower at 0.68 MMb/d in 2025 and rise by 0.70 MMb/d in 2026. Tariffs and sanctions continue to drive the market, while Ukrainian drone attacks on Russian oil infrastructure have added uncertainty. The Trump-Putin summit in Alaska didn’t provide any clear directions towards ending the Russia-Ukraine war. Additional pressure has also come from OPEC+ production increases and weakening demand expectations. Bearish fundamentals have weighed on prices. International oil prices have remained relatively stable. By September 25, crude oil was in the range of US$64-70 per barrel, with ICE Brent at US$64.99/bbl and WTI at US$69.31/bbl. Upstream, downstream demand forecasts and subdued economic sentiment have been reflected in the oil markets. With summer blending specifications and reduced steam cracker operations, the naphtha market has found some support, gaining relative strength against crude oil. Naphtha prices have stabilized at US$570 ~600 pmt CFR NE Asia. In olefins, Asian spot ethylene prices slightly increased to US$S$840~860 pmt CFR SE Asia, pushing MTBE prices higher to US$670~700 pmt CFR Asia. In Southeast Asia, demand remains sluggish, mainly driven by reduced PP operating rates and derivative units focusing on building their own inventories. The propylene market is expected to become more balanced, with spot sentiment improving slightly to US$780~800/mt CFR Taiwan. For acetone, prices have bottomed out. Despite losses earlier, market has stabilized, hovering at US$530~570 pmt CFR China. Methanol prices have also stabilized at US$310~330 pmt CFR Taiwan. In the MMA market, even though feedstock costs have declined in recent months, MMA prices have fallen more sharply than costs. This has created a challenging environment for producers, who must balance covering margins while facing resistance from buyers focused on their own profitability.

PRODUCTION

In Europe, MMA market demand remains subdued, with spot prices declining in September amid ample low-cost imports. This downturn has been driven by weak automotive production and persistent uncertainty among end consumers. Buyers continue to destock, with demand largely covered by contract volumes, leaving spot market activity limited. Geopolitical tensions, including the Gaza crisis and strained US-Iran relations, have further weighed on sentiment. Adding to regional instability, anti-immigrant protests erupted in the Netherlands. On September 12, the UN General Assembly adopted a resolution, backed by 142 countries, in support of the New York Declaration, which calls for a peaceful resolution to the Palestinian issue through a two-state solution. Recognition of the State of Palestine by the United Kingdom, Canada, Australia, Portugal, and France has further intensified the debate. In the UK, London Heathrow was among several European airports that experienced delays Saturday (on September 20) due to a cyberattack affecting electronic boarding pass and baggage systems. The widespread disruptions continued into Sunday. From a market perspective, some producers anticipate a slight uptick in demand ahead of the coatings season, leading many to announce price rollovers. However, final agreements remain dependent on MMA purchase volumes during negotiations. On the production side, Röhm GmbH announced a planned maintenance shutdown at its MMA plant in Worms, Germany, scheduled from October 24 to November 24. 

In the US, MMA supply and demand remain stable. Downward price pressure persists amid local competition, with no major concerns about supply despite two producers planning turnarounds. However, MMA import prices from Asia have declined, while volumes remain constrained by US tariffs. Domestic demand appears relatively steady, though US homebuilder confidence stayed low in September as contractors contend with rising construction costs, even as mortgage rates begin to ease. Buyers are closely watching monetary policy, as the US Federal Reserve lowered its benchmark interest rate by a quarter point amid a weakening job market and elevated inflation, and it expects to implement two more cuts before the end of this year. Additionally, US President Donald Trump has signed an executive order imposing a $100,000 annual fee on H-1B visa applicants, up significantly from the current cost of around $1,500. On the supply side, average upstream acrylonitrile (AN) operating rates in the Americas were estimated at 70% , up 1% from the previous month, with MMA production rates expected to rise to 65~75%. Key developments include the following: Dow 425 kpt MMA plant in Deer Park is scheduled for a one-month turnaround in October; MCM is planning a six-week maintenance shutdown in Q4. Röhm’s proprietary 250kpta LiMA MMA technology plant in Bay City, Texas, is now operational. 

In Asia, MMA spot prices remains stable, but buying interest is lackluster due to sufficient stock levels amid subdued market sentiment. Buyers are largely maintaining lean inventory and focusing on fulfilling existing contractual obligations rather than engaging in spot purchases. Volatility in China’s domestic pricing is expected to affect not only finished product exports but also MMA prices from China. Producers remain cautious about pricing, as low production and limited inventories among both suppliers and end users continue to add pressure. In Taiwan and South Korea, market demand remains weak, with ample supply leading buyers to primarily source locally. MMA availability across Asia remains relatively balanced, with current operating rates estimated at 50–60%, as reports indicate several MMA plants have reduced output or scheduled shutdowns in Q4.

CHINA MARKET OVERVIEW

Following the October 1 National Day holiday, the domestic MMA market showed a meaningful recovery, largely driven by restocking activity ahead of the break. Domestic MMA prices surged by RMB 500~1,000mt before the October 1~8 holiday, supported by newly commissioned PMMA plants that increased MMA consumption. However, buyers are expected to push for price reductions beyond feedstock cost movement in order to compress supplier margins, making it too early to determine where the market will ultimately settle. The buyer pressure comes as the industry enters Q4, traditionally the weakest quarter due to year-end holiday slowdowns. FOB China offers have been firm, with indicative prices around US$1,180/mt. Domestically, ex-works MMA prices were reported at CNY 10,000–10,500/mt by the end of September. Adding to market challenges, on September 10, the Mexican government announced plans to raise tariffs on auto imports from China and other Asian countries to 50%. Analysts told Reuters the move was intended to appease the United States. Economy Minister Marcelo Ebrard emphasized that "without a certain level of protection, competition is almost impossible," justifying the increase from approximately 20% to a maximum of 50%. He added that the measure-still requiring congressional approval and aligned with WTO ceilings-aims to protect jobs and counter the influx of lower-priced Chinese auto models into the Mexican market.

On the supply side, most MMA producers have maintained operating rates between 55 and 70%. Several planned shutdowns are as follow:

1. PetroChina Jilin - reduced operating rates between September and October.

2. Shenghong Group, Jiangsu Sierbang Petrochemical Co., Ltd - 340kpta MMA plant in Lianyungang scheduled for one-line to shutdown. 

3. Panjin Sanli 50kpta C2-process MMA plant in Liaoning planned for shutdown.

4. Dongying Yingke Chemical’s 50 kpta MMA plant in Shandong is scheduled for shutdown.

DOWNSTREAM

On the PMMA side, demand remains dismal, weighed down by ample finished product inventories and limited restocking activity ahead of the Golden Week holiday beginning October 1. Import interest among China-based PMMA users has also been subdued. Against the backdrop of lackluster demand, buying and selling activity often reaches a pricing stalemate. Most PMMA producers remain reluctant to further squeeze margins, though some have managed to offset losses through the stronger profitability of MMA, which remained firm through the end of September. In China, domestic market demand remains gloomy. Upstream methyl methacrylate (MMA) prices rose by Chinese yuan (CNY) 500/mt ~ 1,000/mt, bringing the range to Chinese yuan (CNY) 10,000/mt ~ 10,500/mt DEL. However, PMMA prices stayed largely flat, holding around Chinese yuan (CNY) 12,000/mt ~ 13,000/mt EXWH for domestic material, while imported material was mostly unchanged at Chinese yuan (CNY) 13,500/mt ~ 14,500/mt EXWH during the same period. Across Asia, the PMMA market has been relatively stable, with the spot prices for general-purpose (GP) PMMA in Southeast Asia assessed at US$1,700-1,800/mt CFR SE Asia.

On the acrylic sheet side, market demand in under significant pressure as export orders have shrunk considerably. Most buyers are waiting for order confirmations and consuming existing cast sheet inventory before resuming procurement. In Indonesia, demand appears stable, though the political turmoil in August, with reduced export orders affecting MMA offtake for September-October shipment. In Vietnam, lacklustre domestic demand from end-user sectors has been offset by squeezed margins, prompting significant downward pressure on cast sheet pricing. Cast sheet makers continue to voice dissatisfaction, citing weak downstream affordability as an ongoing downside risk and most have maintained low production rates recently. In Taiwan, sluggish domestic demand has also led producers to further reduce operating rates. On September 28, a fire broke out at the Huaqi Acrylic Factory in Rende, Tainan, which completely burned down, though fortunately no one was injured. In Thailand, supply remains stable, but cast sheet producers have likewise scaled back production in response to subdued end-user consumption. Currently, cast sheet prices across the region are currently ranging from US$2.05~2.30/kg CFR, reflecting a balanced yet cautious market outlook as participants navigate ongoing supply chain and demand-side pressures.

On the resin side and others, demand from the ABS sector has increased slightly; However, markets have deteriorated further under the weight of oversupply and rapid inventory buildup. This has drained speculative interest and discouraged buyers from engaging in forward purchases. Confidence in the ABS market has weakened as fundamentals continue to soften. Despite weaker order expectations in Q4, industry association data indicate that exports of large household appliances—including refrigerators, washing machines, and air conditioners—rose 6.2% year-on-year in revenue terms. Most ABS producers are striving to maintain optimal operating rates. However, producers in Taiwan and Korea face greater challenges in scaling up output amid weaker market conditions. Without the benefit of economies of scale, their production costs remain higher. This has contributed to a surge of competitive offers from mainland China, further weighing on the regional market, while producers outside mainland China continue to face mounting challenges. Demand from the acrylamide sector has held steady, with producers maintaining low operating rates to manage inventory. Acrylamide prices remain flat. Demand from the NBR sector has also remained stable, with NBR prices fluctuating within a narrow range. Additionally, the 59th Annual Meeting of the European Petrochemical Association (EPCA 2025) will be held in Berlin from September 22 to 25. In India, a prolonged monsoon season combined with an earlier Diwali this year is diminishing the likelihood of a significant seasonal demand recovery compared to previous years.

MMA PRICE 

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