For the Quarter Ending December 2025
North America
• In the USA, the Maleic Anhydride Price Index fell by 4.15% quarter-over-quarter, reflecting oversupply and weak downstream demand.
• The average Maleic Anhydride price for the quarter was approximately USD 1232.67/MT, per reported FOB assessments.
• Maleic Anhydride Spot Price weakened amid subdued export interest and competitive Asian offers, pressuring domestic seller confidence.
• Maleic Anhydride Price Forecast indicates modest monthly oscillations driven by seasonal demand and global capacity expansions.
• Maleic Anhydride Production Cost Trend remained flat as shale n-butane supply stayed ample, limiting upward margin pressure.
• Maleic Anhydride Demand Outlook remains subdued with construction and automotive restocking deferred amid regulatory and economic uncertainty.
• Inventory builds and steady imports restrained upward moves, keeping the Maleic Anhydride Price Index range-bound.
• Gulf-Coast units ran at near-nameplate rates, limiting volatility and tempering any rapid Maleic Anhydride market recoveries.
Why did the price of Maleic Anhydride change in December 2025 in North America?
• Balanced domestic production and steady imports created sufficient supply, exerting downward pressure on December assessments.
• Weak downstream resin demand and conservative procurement reduced offtake, reinforcing bearish sentiment across price assessments.
• Rising freight costs and isolated logistical congestion slightly supported values, offset by ample feedstock availability.
APAC
• In Japan, the Maleic Anhydride Price Index fell by 16.07% quarter-over-quarter, reflecting subdued demand conditions.
• The average Maleic Anhydride price for the quarter was approximately USD 1499.33/MT, per official assessment.
• Maleic Anhydride Spot Price remained range-bound amid steady imports and three-week average tracking near parity.
• Maleic Anhydride Price Forecast models indicate modest seasonally-driven oscillations amid persistent regional oversupply and buying.
• Maleic Anhydride Production Cost Trend showed upward pressure from marginal n-butane and energy cost increases.
• Maleic Anhydride Demand Outlook remains weak with subdued resin and automotive procurement restraining lifting activity.
• Inflation-adjusted Maleic Anhydride Price Index shows downward bias, inventories adequate, export competition pressuring domestic offers.
• Domestic plants operated normally while steady seaborne inflows kept inventories near norms, limiting bullish upside.
Why did the price of Maleic Anhydride change in December 2025 in APAC?
• Oversupply from seaborne inflows and competitive regional offers reduced spot buying and pressured December prices.
• Weak downstream demand from resins and automotive limited procurement, preventing inventory drawdown and price recovery.
• Marginal feedstock freight cost increases were insufficient to offset abundant supply and restrained buying appetite.
Europe
• In Germany, the Maleic Anhydride Price Index fell by 3.24% quarter-over-quarter, reflecting subdued downstream demand.
• The average Maleic Anhydride price for the quarter was approximately USD 1255.67/MT, reflecting balanced supply and muted buying.
• Maleic Anhydride Spot Price movement remained subdued with Price Index stability amid balanced inventories and limited speculative buying.
• Maleic Anhydride Price Forecast indicates mild volatility; Maleic Anhydride Production Cost Trend stayed flat due to steady n-butane quotations.
• Maleic Anhydride Demand Outlook points to weakened resin demand, pressuring Price Index despite normal domestic production levels.
• Maleic Anhydride Production Cost Trend remained muted due to stable feedstock and tempered energy costs, limiting upward Price Index pressure.
• Inventory replenishment along Rhine eased logistics constraints, supporting short-term availability while Price Index remained rangebound.
• Domestic producers operated at standard capacity; export flows from Benelux complemented supply, capping any upward Price Index momentum.
Why did the price of Maleic Anhydride change in December 2025 in Europe?
• Balanced domestic production and steady imports offset demand weakness, resulting in limited immediate price movement.
• Stable feedstock n-butane and capped energy costs restrained cost-push inflation for producers during December.
• Port congestion and berth constraints tightened short-term availability, supporting occasional upward spot pressure but overall demand remained weak.
For the Quarter Ending September 2025
North America
• In USA, the Maleic Anhydride Price Index rose by 5.07% quarter-over-quarter, supported by firm demand.
• The average Maleic Anhydride price for the quarter was approximately USD 1286.00/MT, showing balanced fundamentals.
• Maleic Anhydride Spot Price showed tightening as export flows reduced availability, pressuring the Price Index.
• Maleic Anhydride Production Cost Trend remained stable due to steady n-butane and benzene costs overall.
• Maleic Anhydride Demand Outlook indicates steady UPR and BDO consumption, with seasonal restocking tightening markets.
• Maleic Anhydride Price Forecast suggests modest near-term volatility amid maintenance schedules and changing export dynamics.
• Inventory levels and export demand balanced domestic availability, leaving the Maleic Anhydride Price Index range-bound.
• Major US producers operated at optimized rates, limiting outages and supporting Maleic Anhydride market conditions.
Why did the price of Maleic Anhydride change in September 2025 in North America?
• Softer downstream offtake from UPR and coatings reduced spot buying, applying mild downward pressure overall.
• Stable feedstock n-butane and benzene prices kept production costs contained, moderating upward price movements overall.
• Export flows and occasional maintenance-related constraints tightened spot availability, creating brief upward price impulses September
APAC
• In Japan, the Maleic Anhydride Price Index fell by 1.99% quarter-over-quarter, reflecting weak domestic demand.
• The average Maleic Anhydride price for the quarter was approximately USD 1786.33/MT, as reported regionally.
• Maleic Anhydride Spot Price softened as ample inventories and competitive regional imports limited price momentum.
• Maleic Anhydride Price Forecast indicates near-term range-bound weakness given subdued resin procurement and export competition.
• Maleic Anhydride Production Cost Trend remained subdued as n-butane and benzene provided limited cost-push support.
• Maleic Anhydride Demand Outlook stays weak with construction and automotive sectors tempering unsaturated resin offtake.
• Maleic Anhydride Price Index declines were aggravated by exporters offloading into domestic markets, compressing margins.
• Major domestic producers maintained high operating rates; export windows narrowed, sustaining oversupply and softening pricing.
Why did the price of Maleic Anhydride change in September 2025 in APAC?
• Ample domestic and import supply flooded inventories, reducing buying urgency and depressing spot offers industry-wide.
• Falling n-butane and benzene costs softened production cost pressures, removing sellers' ability to defend offers.
• Logistics improved as port congestion eased, but typhoon season and weak downstream demand constrained restocking.
Europe
• In Germany, the Maleic Anhydride Price Index rose by 6.19% quarter-over-quarter, driven by supply tightening broadly.
• The average Maleic Anhydride price for the quarter was approximately USD 1297.67/MT, reflecting balanced inventories.
• Maleic Anhydride Spot Price volatility remained limited as port congestion and Huntsman closure tightened availability, supporting Price Index.
• Maleic Anhydride Production Cost Trend stayed muted as benzene and n-butane costs were broadly stable, containing upward pressure.
• Maleic Anhydride Demand Outlook moderate with steady UPR and BDO consumption, though construction weakness limited stronger offtake.
• Maleic Anhydride Price Forecast from recent data suggests minor month-to-month oscillations driven by logistics and seasonal demand.
• Inventory buffers remained adequate yet export demand and import flows influenced spot availability and regional Price Index.
• Major producers operated steadily; Huntsman Moers closure reduced merchant volumes, elevating reliance on imports and affecting Price Index.
Why did the price of Maleic Anhydride change in September 2025 in Europe?
• Supply tightened due to Huntsman Moers closure and port and rail disruptions limiting inland distribution and cargo clearance.
• Demand remained steady but subdued from construction and automotive, restricting urgent restocking and capping upward price momentum.
• Logistics constraints and yard congestion increased delivery complexity and costs, prompting cautious trading and localized price differentials.
For the Quarter Ending June 2025
North America
• The Maleic Anhydride Price Index in North America rose by 2% in Q2 2025 compared to Q1, with the quarter marked by early softness and a strong rebound in June, resulting in a Q2 average of USD 1298/MT, FOB USGC.
• In April and early May, the Maleic Anhydride Price Index remained stable, reflecting tepid demand from UPR, automotive, and construction sectors amid inventory corrections and broader economic caution.
• By late May and through June, prices climbed steadily to USD 1320/MT, driven by a resurgence in UPR consumption across construction, electric vehicles, and marine composites, alongside tighter spot supply from increased exports and delayed imports.
• The Maleic Anhydride Demand Outlook improved in June, supported by seasonal construction activity, rising EV production, and demand for structural composites, lubricant additives, and BDO intermediates.
• The Maleic Anhydride Production Cost Trend was largely steady, with minimal volatility in feedstock n-butane and benzene, though rising logistics and port handling costs added mild pressure by June.
• Domestic supply was generally adequate, but tighter availability in June contributed to late-quarter bullishness in the Maleic Anhydride Price Index.
• Why did the Maleic Anhydride Price change in July 2025?
The Maleic Anhydride Price Index is expected to rise further in July 2025, due to sustained downstream demand from UPR sectors, higher inland freight and port congestion on the West Coast, and proactive restocking ahead of potential tariff policy shifts.
• The Maleic Anhydride Price Forecast for July remains upward-biased, with market sentiment supported by resilient downstream consumption and persistent logistical constraints.
Europe
• In Q2 2025, the Maleic Anhydride Price Index in the Netherlands displayed a mixed trend, closing the quarter with a 2% increase over Q1 2025, and an average assessed at USD 1236/MT, Liquid FD Amsterdam, supported by late-quarter bullish sentiment.
• April witnessed a decline in the Maleic Anhydride Price Index, reaching USD 1180/MT, as demand from the UPR and coatings sectors weakened. Simultaneously, congestion at key Rotterdam terminals (e.g., RWG and DELTA II) and workforce shortages disrupted inbound logistics, though domestic supply remained sufficient.
• In May, pricing stabilized due to contractual imports, buffered inventories, and stable downstream procurement, even as port congestion continued to slow terminal throughput.
• June brought a notable uptrend in the Maleic Anhydride Price Index, rising from USD 1195/MT to USD 1270/MT, triggered by tightened regional supply after Huntsman's MA plant shutdown in Germany. This prompted urgent restocking and elevated freight costs, restoring bullish sentiment among buyers and distributors.
• The Maleic Anhydride Demand Outlook improved in late Q2, supported by renewed offtake from the UPR and composites industries, construction-related resin demand, and pre-emptive buying in anticipation of worsening logistical constraints.
• The Maleic Anhydride Production Cost Trend remained mostly stable in Q2, with feedstock benzene and n-butane prices showing limited fluctuations. However, rising inland transport and port handling costs in June added to landed MA cost pressure.
• Why did the Maleic Anhydride Price change in July 2025?
The Maleic Anhydride Price Index is forecast to rise further in July 2025, driven by continued structural supply constraints from Huntsman’s German plant closure, compounded by low Rhine River levels affecting barge transport and inventory replenishment. Persistent demand from UPR producers adds additional upward pressure.
• The Maleic Anhydride Price Forecast for July suggests sustained bullishness unless regional supply disruptions ease or downstream demand unexpectedly softens.
• Overall, the Netherlands’ MA market in Q2 transitioned from early-quarter oversupply and soft demand to late-quarter tightness, creating upward pressure that is expected to carry into July under tightened logistics and curtailed regional production.
APAC
• The Maleic Anhydride Price Index in China rose 3.5% in Q2 2025 compared to Q1, yet the quarterly average slipped to USD 816/MT, FOB Ningbo, indicating a softening trend by the quarter’s end amid fluctuating supply-demand dynamics.
• Early Q2 witnessed a price increase supported by reduced supply from major producers like Wanhua and Hengli Petrochemical, along with moderate downstream restocking by unsaturated polyester resin (UPR) manufacturers.
• The Maleic Anhydride Production Cost Trend showed a consistent decline due to falling n-butane values throughout the quarter, gradually undermining producer margins and limiting price stability by late Q2.
• Demand from the UPR sector—China’s core downstream market—remained steady but unaggressive, with buyers avoiding forward commitments and preferring just-in-time procurement due to uncertain macroeconomic signals.
• By June, resumed operations at Qingdao Refining and other facilities increased domestic availability, outweighing shutdown effects and contributing to market saturation and downward pull on the Maleic Anhydride Price Index.
• Despite a seasonal lift in the automotive segment, weak performance in construction and coatings, along with global trade uncertainty and reduced NEV export momentum, constrained the Maleic Anhydride Demand Outlook.
• Export flows remained under pressure as international demand from India, Turkey, and Southeast Asia stayed soft, while elevated freight rates and tariff-induced hesitancy further limited overseas sales.
• Why did the Maleic Anhydride Price change in July 2025?
Prices are forecasted to decrease further in July 2025 due to abundant domestic supply following Q2 restarts, falling feedstock (n-butane) costs, and cautious downstream restocking behavior. The resin sector continues to show no signs of aggressive demand recovery, sustaining a bearish market sentiment.
• The Maleic Anhydride Price Forecast for early Q3 indicates additional downside unless production is curbed or resin sector demand revives sharply. China’s market is expected to consolidate at low levels unless upstream or policy shifts create cost support.
For the Quarter Ending March 2025
North America
During Q1 2025, the Maleic Anhydride (MA) market in the United States displayed a fluctuating yet largely stable price trajectory, influenced by macroeconomic factors, trade policy shifts, and the performance of key downstream sectors.
January saw a softening in prices, driven by a post-holiday slowdown in demand and an uptick in domestic production. Lower feedstock costs and increased market competition prompted price corrections. However, port congestion and shifting import patterns created supply chain complexities.
By February, MA prices experienced a slight recovery, underpinned by steady raw material input costs and improving sentiment in the construction and automotive sectors. Logistical challenges and cautious procurement strategies helped maintain market balance.
In March, the market showed signs of renewed stability. Demand from Unsaturated Polyester Resin (UPR) producers remained consistent, while domestic production met market needs without significant disruption. Import and export flows returned to normal, and raw material price volatility decreased.
Overall, Q1 2025 saw fluctuating prices in the North American MA market, with a moderate recovery in February and March following a decline in January. Compared to the previous quarter prices declined by 10%.
APAC
The price trend of Maleic Anhydride (MA) in the APAC region during Q1 2025 was mixed, influenced by varying supply-demand dynamics and seasonal factors. In early January, prices declined slightly in China due to post-holiday demand slowdown, rising supply, and subdued economic sentiment. However, by mid to late January, supply tightened as some producers reduced output, and demand from downstream sectors like unsaturated polyester resins remained stable, leading to slight price increases. Ahead of the Lunar New Year, operations slowed, and inventory adjustments stabilized the market. In February, prices initially rose with post-holiday restocking and raw material cost hikes, but the trend reversed by late February due to weak demand and sufficient supply. Throughout March, prices mostly stabilized, with slight fluctuations driven by limited spot availability and cautious buying activity. Export demand and logistics disruptions, including port congestion and fog delays, provided temporary support. Overall, the MA market in APAC showed alternating phases of stability and volatility, reflecting a balanced but cautious outlook shaped by domestic production consistency, variable demand from resin producers, and external shipping constraints. Compared to the previous quarter, prices decreased by 5%, indicating lower demand.
Europe
The Maleic Anhydride (MA) market in Europe saw a gradual upward trend in prices during Q1 2025. Early in the quarter, the market remained stable, driven by consistent demand from key downstream industries such as unsaturated polyester resins (UPR), automotive, and construction. The automotive sector showed mixed performance, with some recovery signs despite ongoing challenges like overcapacity and stricter emissions regulations. Similarly, the construction industry faced slower-than-expected growth, but demand for UPR in construction materials continued to support steady consumption.
Logistical disruptions, including port congestion at major terminals like Hamburg and Bremerhaven, became a key factor influencing the market. These delays, along with supply chain inefficiencies, caused minor short-term supply shortages, putting upward pressure on prices. While these disruptions were partly alleviated towards the end of the quarter, they still contributed to localized price increases. Additionally, fluctuations in raw material costs, such as benzene, also impacted production costs, contributing to higher MA prices.
Overall, despite economic uncertainties and subdued activity in certain sectors, steady demand, combined with supply-side disruptions, led to a slight upward price movement in the Maleic Anhydride market by the end of Q1 2025. Compared to the previous quarter, prices decreased by 2.4%.
