Monthly Market Analysis Of MMA

In September, the MMA market continued to fall, and trading was in short supply. The decline in the market during the month was mainly due to supply and demand pressure, and the downstream seasonal demand did not improve. The contradiction between domestic supply and demand intensified, the external crude oil recorded a three-year low, and the Fed’s interest rate cut led to a bearish market sentiment.

Raw material acetone trend

The domestic acetone market continued to fall in September. External supply was sufficient, but demand was slow to catch up.

The continued decline in the price of raw material acetone during the month had a certain impact on market sentiment, but as MMA was still profitable, the price of MMA was mainly driven by supply and demand fundamentals.

MMA export data analysis

Export volume increased. According to customs data, it increased by 28.36% month-on-month and 216.21% year-on-year. In terms of export trading partners, the top three major export trading partners of MMA in September were South Korea, Belgium and India. Among them, South Korea’s share increased by 1 percentage point to 20%, Belgium’s share increased by 4 percentage points to 12%, and India’s share decreased by 1 percentage point to 12%.

Market forecast for October

It is expected that the MMA market may fall first and then rise in October. Jilin Petrochemical plans to restart after the National Day holiday. Other units have no maintenance plans within the month. It is predicted that the operating load in October will increase by 2 percentage points compared with the operating load in September, and domestic production is expected to increase by 5-6 percentage points month-on-month. On the demand side, downstream demand is expected to rise slightly compared with September, mainly considering the narrowing price gap between new materials and cracking materials, and the demand from downstream plate customers may increase. On the whole, it is expected that the market will fluctuate after the decline in October-December.