[PMMA Weekly Review] Limited Cost Fluctuations, Persistently Weak Demand, Market Consolidates at Low Levels

I. Key Market Focus This Week

1. Trends in the feedstock market diverged: MMA prices edged down, while methyl acrylate rebounded from low levels. Overall cost fluctuations were limited, providing weak support for PMMA pellet market trends.

Production load has slightly rebounded, with the capacity utilization rate in the PMMA particle industry rising to 50% this week, an increase of 1 percentage point compared to the previous week. The market supply of goods is steadily being released.

3. End-user demand remains persistently weak, downstream restocking sentiment is subdued, market inquiry activity is relatively low, and transactions are mainly driven by small rigid-demand orders, making it difficult for trading volume to increase.

II. Market Analysis for This Week

During this period (June 12–June 18, 2026), the domestic PMMA resin market remained generally range-bound and weak, with no clear upward or downward trend, and a pronounced market stalemate. This week, the negotiated price range in major markets stayed at RMB 12,500–15,600/ton, with overall fluctuations remaining relatively narrow.

The raw material end shows a clear differentiation pattern, with weak support for particle costs. The spot price of MMA in East China has slightly declined, with an average price falling slightly during the week; methyl acrylate, which had stabilized at a low level earlier, experienced a narrow rebound this week. With one falling and the other rising, the overall production cost of PMMA particles fluctuates limitedly, and there is no clear guidance from the cost side, making it difficult to drive fluctuations in the spot market.

Supply-side pressure continues to exist. This week, industry operations have slightly rebounded, with factories primarily focusing on destocking. Holders are eager to sell, and low-priced goods continue to circulate in the market, with no significant alleviation of spot supply pressure. On the demand side, it remains the core drag on the market. Downstream terminal operations are low, and there is a lack of increased finished product orders. Terminal purchasing sentiment is cautious and conservative, only maintaining small orders for essential restocking, with limited acceptance of spot prices. Overall, trading activity remains insufficient, and the market atmosphere is quiet and stagnant.

3. Analysis of Market Influencing Factors

1. Industry profits continue to shrink, and manufacturers lack confidence in maintaining prices.

This week, the average weekly gross profit in the PMMA pellet industry was only RMB 567/ton, down RMB 105/ton from the previous period, further squeezing corporate profit margins. Divergent movements in raw material prices and a slight decline in finished product prices led to continued shrinkage in production profits. Manufacturers had weak motivation to hold prices firm, and the overall market mainly focused on following the market and offering concessions to facilitate sales.

2. Operating rates have edged up slightly, and spot supply remains relatively ample.

This week, the operating rate of the PMMA particle industry rose to 50%, up 1 percentage point from the previous period, and industry supply saw a slight increase. Coupled with producers’ strong willingness to reduce inventories, ample cargo is available in the market circulation. In addition, weak demand makes it difficult for spot prices to gain support for an increase.

Section Four: Market Forecast for Next Week

Next week, the domestic PMMA resin market will see mixed bullish and bearish factors, and the overall trend will continue.Weak consolidationpattern, with insufficient rebound momentum and relatively limited downside room.

There is a phase-based positive factor on the supply side: Shandong Zhemei’s unit will undergo technical upgrading and maintenance, and its operating rate will be temporarily reduced. The circulating supply in the industry will shrink slightly, providing mild support for spot prices. On the raw material side, trends continue to diverge. MMA lacks a strong core driver and will most likely remain range-bound within a narrow band. Methyl acrylate still has limited room for a slight increase, which may marginally raise producers’ costs and thereby limit the downside of the market.

Demand remains the core factor constraining the market. Operating rates in downstream end-use industries are low, with no increase in orders for finished products. Enterprises continue to purchase strictly on an as-needed basis, showing weak willingness to stock up in bulk, and actual market transactions remain difficult to improve. Overall, weak demand dominates market trends, while the support from reduced supply and rising costs is relatively limited and insufficient to reverse the weak market pattern.

V. Key Focus Areas

1. Supply side: maintenance progress of Shandong Zhemei facilities, overall industry operating rates, and changes in cargo circulation.

2. Cost side: Fluctuations in spot prices of MMA and methyl acrylate and the situation of cost transmission.

3. Demand side: downstream end-user operating rates, inquiry sentiment, and the strength of rigid-demand restocking.

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