[PMMA Weekly Review] Insufficient Cost Support, Particle Market Continues to Weaken

1. This Week’s Market Focus

This week, the core focus of the PMMA particle market was on three dimensions: costs, supply, and demand, with the overall market showing a weak operating trend, specifically as follows: First, on the cost side, upstream MMA prices edged up slightly, while methyl acrylate prices fell sharply. After these two price movements offset each other, the overall production cost of PMMA particles declined, weakening cost support. Second, on the supply side, the capacity utilization rate of PMMA particles remained at 54% this week, unchanged from last week. Industry operating rates stayed stable, and no significant fluctuations were seen on the supply side. Third, on the demand side, the pace of market transactions was relatively sluggish, downstream end-user demand remained weak, and purchasing enthusiasm was low, making it difficult to provide effective support to the market. PMMA particles, also known as acrylic particles, are widely used in optical instruments, building decoration, medical devices, daily necessities, and many other fields due to their high light transmittance and low haze. Their price movements are closely related to supply-demand conditions and cost fluctuations along the upstream and downstream industrial chain [2].

II. Market Trend Analysis for This Week

During this period (May 9–May 14, 2026), the domestic PMMA resin market generally showed a weak trend. Market negotiations were subdued, trading activity lacked momentum, and prices remained under pressure with an overall consolidating pattern. The mainstream transaction range was maintained at RMB 15,000–18,000/ton. From the perspective of price changes along the industry chain, East China, as the core trading region, saw mixed trends among various products: the average MMA price in this period was RMB 12,860/ton, up RMB 135/ton or 1.06% from RMB 12,725/ton in the previous period; the average methyl acrylate price in this period was RMB 10,960/ton, down sharply by RMB 1,373/ton or 11.13% from RMB 12,333/ton in the previous period; the average PMMA resin price in this period was RMB 16,820/ton, down RMB 280/ton or 1.64% from RMB 17,100/ton in the previous period.

From the cost perspective, the core raw materials for PMMA particles are MMA and methyl acrylate, and the price trends of the two have diverged this week, creating a hedge. MMA prices have slightly increased due to supply-side disruptions, while the market for methyl acrylate has shown a wide downward trend with significant declines. This ultimately led to a reduction in the overall production costs of PMMA particles, making it difficult for costs to support the market and curb the downward price trend. For a long time, the domestic high-end PMMA market has been heavily reliant on overseas suppliers such as Japan's Mitsubishi and Germany's Röhm, with domestic production primarily focused on general-purpose products. However, this situation is gradually changing, as recent new capacities from companies like Shandong Zheming are coming online, accelerating domestic substitution.

Persistently weak demand-side performance remains the core factor suppressing PMMA particle prices. Although overall operating rates in downstream end-use industries have been stable, purchasing willingness is weak, with buyers mainly making sporadic rigid-demand replenishments and showing little intention to build inventories proactively, resulting in limited growth in overall market transactions and a subdued trading atmosphere. Coupled with the current lack of clear positive market support, the PMMA particle market continues to operate in a weak trend, with prices remaining under sustained pressure.

III. Outlook for the Future Market

Comprehensively considering multiple factors, it is expected that the domestic PMMA pellet market will continue to operate weakly next week, and an obvious recovery will be difficult to emerge, with ongoing market pressure. Key attention should be paid to changes in the three core factors of cost, supply, and demand.

On the cost side, there is an expectation that MMA raw material prices will continue to decline, and the supporting effect on prices is expected to weaken further. Coupled with the subsequent trend of methyl acrylate prices after their sharp drop earlier, the cost support for PMMA pellets may continue to soften, further dragging down product prices.

On the demand side, the operating rates of downstream terminal industries are expected to remain low, with procurement patterns still mainly focused on just-in-time small orders for replenishment. The market’s willingness to stock up is lackluster, and the trading atmosphere is difficult to improve, resulting in a scarcity of bulk transactions. Intermediaries face significant selling pressure, and the demand side still struggles to form effective support.

Third, on the supply side, although some plant maintenance in the short term has led to a reduction in supply, expectations for new capacity coming online are increasing. Recently, new capacity from companies such as Shandong Zheme has already been put into operation. Coupled with slow market inventory destocking, the overall loose supply pattern will become more pronounced, exerting continuous pressure on prices. Overall, the PMMA pellet market is expected to remain weak next week, with prices still under pressure.