For the Quarter Ending September 2024
North America
The third quarter of 2024 has been a period of increasing prices for Poly Methyl Methacrylate (PMMA) in the North America region. The significant factors influencing market prices include supply constraints, limited material availability, and heightened demand from the downstream automotive and construction industries.
These factors have contributed to a tightening of supply and a subsequent uptrend in prices. Mexico, in particular, has experienced the most significant price changes, with a notable 22% increase from the same quarter last year. In Q3 2024, prices saw a 9% increase from the previous quarter, reflecting the continued upward trajectory.
The second half of the quarter showed a 7% price increase compared to the first half, indicating a strengthening pricing trend. Most market transactions had primarily occurred on a need-on-demand basis. Additionally, feedstock MMA provided adequate cost support for PMMA, with its prices being noted at the higher end in the domestic market, which resulted in an upward shift in PMMA price realization.
APAC
Poly Methyl Methacrylate (PMMA) prices in the APAC region during Q3 2024 have seen a significant uptrend, primarily driven by supply constraints and increased production costs. The tight supply of feedstock Methyl Methacrylate, coupled with limited inventories and reduced import offers, has led to a surge in PMMA prices across the region. This supply-demand imbalance has created a bullish market sentiment, with most market transactions being need-based. China, in particular, has experienced the maximum price changes, with PMMA prices steadily increasing throughout the quarter. The overall trend in the region has been one of consistent price hikes, reflecting a 30% increase from the same quarter last year. Additionally, there was a 13% increment from the previous quarter in 2024, indicating a sustained upward trajectory. The price comparison between the first and second half of the quarter showed a 10% rise, further emphasizing the strengthening pricing environment. Most market transactions were primarily conducted on a need-on-demand basis. Meanwhile, the supply of PMMA remained constrained, largely due to fewer import offers from the exporting market and reduced domestic operating rates, which drove up PMMA prices in the domestic market.
Europe
Poly Methyl Methacrylate (PMMA) prices in the Europe region for Q3 2024 have seen a significant uptrend, driven by various factors influencing market dynamics. Key reasons for the price increases include tight supply conditions, with low operating rates and reduced import offers from Asia impacting availability. The rise in feedstock Methyl Methacrylate prices has also contributed to the high production costs of PMMA, further pushing prices upwards. Demand from downstream industries like automotive and construction, while average, has played a role in supporting the price hikes. In Germany specifically, the market has experienced the most price changes, with a notable 11% increase from the previous quarter. Overall trends suggest a positive sentiment in pricing, with a 6% increase compared to the same quarter last year. The quarter saw consistent price growth, with an 11% change between the first and second halves. Even though demand for PMMA from downstream sectors like automotive, coatings, and construction had been slower than anticipated, spot market transactions were also low, with several buyers remaining on the sidelines.
For the Quarter Ending June 2024
North America
Throughout the second quarter of 2024, Polymethyl Methacrylate prices have continued to rise in the US market. The feedstock Methyl Methacrylate prices have remained on the higher end amid tight supply, resulting in the strong production cost of Polymethyl Methacrylate in the domestic market, leading to an upward shift in the price realization of Polymethyl Methacrylate. In addition, the inquiries from the downstream automotive industry have escalated which lifted the prices of Polymethyl Methacrylate in the domestic market. As per the market sources, US new vehicle sales of 1,444,543 units for the month of May represented an increase of 8.8% in April while 5.0% from one year ago in May 2023, with gains primarily from domestic sales as sales of overseas vehicles softened. However, demand for Polymethyl Methacrylate from the construction industry has declined amid persistent inflation and high mortgage rates.
On the other side, a major producer of PMMA, Rohm significantly expanded its production capacity at the Wallingford plant in Connecticut (USA) in June 2024 to strengthen the market position of its specialty PMMA moulding compounds. The innovative improvement was possible by modifying and redeploying an existing production line at the Wallingford site, providing customers with faster delivery and meeting increasing demand globally.
On the macroeconomic front, the annual inflation in the US slowed to 3.3% in May 2024, below 3.4% in April but still above the hope of the Federal Reserve which is 2%. In the meantime, supplies of imported materials from Asia were constrained, with the situation further aggravated by logistical bottlenecks stemming from rising freight rates. Also, imports from Canada have reduced amid the rail union labour strike, resulting in the supply shortage of Polymethyl Methacrylate in the US domestic market. This toxic cocktail of factors has further pushed up the prices of Polymethyl Methacrylate in the domestic market. Consequently, prices of PMMA DEL Texas were settled at USD 3502/MT with a month-on-month increment of 2.1% during June 2024.
Asia- Pacific
Polymethyl Methacrylate (PMMA) has continued to rise in the South Korean market during the second quarter of 2024 owing to high raw material prices and tight supply within the domestic market. The cost support from feedstock Methyl Methacrylate was sufficient on Polymethyl Methacrylate as its prices settled on the higher end in the domestic market, supporting the prices to follow an uptrend in the domestic market. In addition, domestic demand for Polymethyl Methacrylate from downstream construction and electronic industry has been stable throughout the quarter but there is an expectation that demand will recover in the near future. However, inquiries from the other downstream segments, notably the automotive industry, were subdued across the domestic market. According to preliminary data released individually by the manufacturers domestic sales by South Korea’s five main automakers combined fell 11% to 117,064 units in May 2024 from 131,090 a year earlier. Meanwhile, procurements from overseas markets have been observed on the positive end in an effort to restock the inventories which promoted the manufacturers of Polymethyl Methacrylate to raise their export prices. As per the market source, overall South Korea's May export to China increased by 7.6% year on year to $ 11.4 billion, the highest in 19 months, while shipments to the US increased at a faster rate of 15.6% to $10.9 billion. On the macroeconomic front, South Korea's inflation rate slowed to a 10-month low in May but remained above the central bank 2.0% target, likely reinforcing views that the bank is in no rush to start easing its monetary policy. Regarding domestic production, operating rates for Polymethyl Methacrylate (PMMA) continued to be extremely low, and a structural return to more normal operating rate levels is not expected in the coming months, especially considering the significant negative impact of elevated Methyl Methacrylate costs. The material availability was relatively limited in the domestic market, keeping the prices elevated in the domestic market. Thus, prices of Methyl Methacrylate FOB Busan were settled at USD 2186/MT during June 2024.
Europe
Polymethyl Methacrylate (PMMA) prices continued to experience an uptick across the German market during the second quarter of 2024 owing to low operating rates, depletion in inventory levels, high raw material costs, and a significant increase in freight expenses. Furthermore, major producer Rohm has also increased the prices of Polymethyl Methacrylate. Additionally, the key feedstock Methyl Methacrylate prices in the domestic market have persistently increased amid tight supply. Therefore, most manufacturers of Polymethyl Methacrylate have adjusted their offers upward, citing cost support. Additionally, demand for Polymethyl Methacrylate from the downstream automotive industry has increased, contributing to an upward shift in the price realization of Polymethyl Methacrylate in the domestic market. However, inquiries from the construction industry have continued to struggle in the domestic market, leading to wider macroeconomic difficulties. In the broader economic context, German inflation fell more than expected in June, resuming its downward trend after two consecutive months of increases, and leaving the door open for another rate cut by the European Central Bank in September. According to preliminary data from the Federal Statistics Office, inflation eased to 2.5% in June, down from 2.8% in May. On the other hand, the European Central Bank reduced its interest rates by 25 basis points on June 12. This was the first decrease in interest rates since 2019. Regarding domestic production, manufacturing firms have been operating at reduced rates in the wake of economic uncertainties. The material availability was limited to meet the downstream demand which further elevated the prices of PMMA in the domestic market. Additionally, manufacturers faced operational constraints due to ongoing industrial strikes and adverse weather conditions affecting transportation and port activities, further impacting the supply of PMMA in the domestic market. At the same time, imports from the Asian market have also turned costly amid tight supply which resulted in the high imported prices of Polymethyl Methacrylate. Additionally, spot ocean freight charges from Asia to Europe surged well ahead of contract rates as vessel capacity tightened even more owing to the ongoing Red Sea crisis. As per the market sources, freight charges from Asia to North Europe were settled at $4,000/FEU following adverse weather and congestion at the Asian ports. Thus, prices of PMMA FD Hamburg were settled at USD 3426/MT with a month-on-month increment of 3.0% during June 2024.
For the Quarter Ending March 2024
North America
Polymethyl Methacrylate (PMMA) prices have showcased a bullish trend in the US market during the first quarter of 2024. The feedstock Methyl Methacrylate prices have increased amid tight supply which in turn led to the high production cost of Polymethyl Methacrylate in the domestic market, contributing to the upward shift in the price realization of PMMA in the domestic market.
In addition, the recent turmoil in the Red Sea along with the prolonged drought in the Panama Canal has had a substantial impact on the market dynamics of several commodities including Polymethyl Methacrylate. In addition, rates for shipping containers from Asia to the US have surged as rebel attacks on vessels in the Red Sea continue to disrupt traffic through the waterway while at the same time, drought conditions are limiting vessel transits through the Panama Canal.
On the other hand, by keeping prices higher, manufacturers seek to cover their costs and maintain margins. In addition, demand for PMMA from the downstream automotive has increased in the domestic market. According to the National Automobile Dealer Association, Total Vehicle Sales in the United States increased to 15.81 Million in February from 14.92 Million in January of 2024. Thus, strengthened the market sentiments of PMMA in the domestic market.
Asia- Pacific
Polymethyl Methacrylate (PMMA) prices have witnessed a see-saw trend in the Asian market during the first quarter of 2024. During January 2024, PMMA prices have increased in the South Korean market. The feedstock Methyl Methacrylate (MMA) prices have increased, resulting in the high production cost of PMMA, supporting the prices to follow an uptrend in the domestic market. In addition, the operating rates of PMMA manufacturing firms have remained under pressure. Thus, with limited production activities, the availability of finished stock of PMMA was relatively limited to meet the demand from the downstream industry. Furthermore, the South Korea manufacturing Purchasing Manager Index was registered at 49.9 In December, little changed from 50.0 in November 2023, signalling a soft deterioration in the new orders and output. However, in the midst of off-season dullness and tepidness in the global economy, the demand for PMMA from the domestic and international markets has been underwhelming and thus, the pace of inquiries from the downstream automotive and construction industry has remained subdued due to slow consumption from the end-user sector. As a result, prices of PMMA have been observed on the lower end during February 2024. On the other hand, the major producer of Polymethyl Methacrylate LG Chem reported Q4 2023 sales dropped 3.8 percent to 13.13 trillion won from 13.66 trillion won. However, PMMA prices have unexpectedly increased during March 2024 due to the high-cost pressure from feedstock MMA. Moreover, the involvement of Yemen's Houthi group in incidents concerning commercial ships at the southern end of the Red Sea has disrupted transportation routes which further encouraged the manufacturers to raise their PMMA prices.
Europe
Polymethyl Methacrylate (PMMA) prices have witnessed a varied trend in the European market during the first quarter of 2024. In initial Q1 2024, persistent downward pressure lingers across the German PMMA market supported by a lack of demand recovery in key consumer industries. The cost support from feedstock Methyl Methacrylate was limited to PMMA as its prices settled on the lower end, supporting the prices to follow a downward trend in the domestic market. Furthermore, the persistent inflation and high interest rates have dampened the purchasing power of consumers and deteriorated the market fundamentals of PMMA in the domestic market. Meanwhile, demand for PMMA from the downstream PMMA industry was sluggish in the domestic market due to slow consumption from the construction sector which weighed down the prices of PMMA. As per the market sources, Germany's construction Purchasing Manager Index dropped from 37.0 in December to 36.3 in January 2024 pointing to a sharp contraction in overall building activity. In the meantime, demand from the other European markets has also been observed on the lower side amid macroeconomic headwinds. However, towards the end of Q1 2024 MMA prices have strengthened in the domestic market. The raw material MMA prices have risen followed by strong crude oil prices which resulted in the high production cost of PMMA in the domestic market. Furthermore, PMMA production has been hindered by a rail strike in Germany and tensions regarding commercial ships, significantly disrupting the domestic supply of PMMA and raw materials originating from East Suez. As a result, prices of PMMA FD Hamburg were settled at USD 3188/MT during March 2024.
For the Quarter Ending December 2023
North America
Prices of Polymethyl Methacrylate have witnessed a bullish trend in the US market during the fourth quarter of 2023. As a major producer, Roehm in Darmstadt, Germany, has raised prices for Polymethyl Methacrylate in the United States that is effective from 1st November 2023. Similarly, another manufacturer of Polymethyl Methacrylate Mitsubishi Chemical Methacrylate (MCM) has also independently announced a price increase in November. These pricing adjustments cast light on the obscured challenges that companies operating in the PMMA market, particularly within the United States, are currently confronting. Although, feedstock Methyl Methacrylate prices have showcased fluctuations throughout the quarter.
In addition, the demand for Polymethyl Methacrylate have increased from the construction industry. According to the Government data, new US home construction unexpectedly picked up in October, indicating builders continue to benefit from a limited supply in the resale market. Residential starts increased 1.9% last month to a 1.37 million annualized rate, the highest in three months, thus reinforcing the prices of PMMA in the domestic market. Although, offtake from automotive sector has been steady amid the UAW strike against GM, Ford and Stellantis. The downstream procurements were mainly based on need-on-demand basis.
Meanwhile, import from the Asian market have turned costly as freight charges have increased from Asia to East coast and West coast which in turned led to high imported prices of PMMA in the US domestic market. Furthermore, the material availability was limited to cater to overall downstream demand. Therefore, prices of PMMA DEL Texas were settled at USD 3355/MT during December 2023.
Asia- Pacific
During the fourth quarter of 2023, the prices of Polymethyl Methacrylate in the South Korean market consistently decreased. The support from the feedstock Methyl Methacrylate was limited, contributing to lower prices in the domestic market. The downstream construction sector showed subdued inquiries, and spot market transactions were average, as there was limited enthusiasm from terminal firms to enter the market, leading to a downward price trend domestically. Despite this, the automotive sector exhibited moderate offtake. Market sources reported a nearly 3% increase in domestic sales by South Korea's five main automakers combined, reaching 132,589 units in November 2023 compared to 129,290 units the previous year. However, inquiries from the Chinese market were on the lighter side due to a weak economic recovery. Exports to China, South Korea's largest market, continued to contract, experiencing a 0.2% dip to $11.4 billion. Although there was a decline, the overall value remained above $10 billion, reflecting weak demand. Conversely, South Korea's inflation decreased in November after four consecutive months, providing relief to policymakers striving to maintain a prolonged restrictive monetary policy amid ongoing inflation concerns. The reduction in inflationary pressures helped alleviate strains on the buying capacities of end-use industries. Additionally, during the ongoing destocking season, manufacturers were observed to be more inclined towards releasing existing inventories. Therefore, prices of Polymethyl Methacrylate FOB Busan were settled at USD 1857/MT during December 2023.
Europe
Polymethyl Methacrylate prices have continued to decline in the German market throughout the fourth quarter of 2023. The feedstock Methyl Methacrylate prices have decreased which resulted in the low production cost of Polymethyl Methacrylate in the domestic market. These led to the bearish market sentiments of Polymethyl Methacrylate among the manufacturers. In addition, macroeconomic headwinds such as persistent inflationary pressure and high-interest rates have dampened the purchasing power of end-users. Meanwhile, the inquiries from the downstream construction and electronic industry have remained tepid in the domestic market. The lukewarm demand has kept exerting pressure on the seller’s side as buyers either made limited purchases when needed or stayed in a wait-and-see perspective in the projection of additional decline. The deterioration in downstream demand could be attributed to underperforming end businesses and economic uncertainties across the globe. However, inquiries from the automotive sector have increased in the given time frame but it had limited bearing over the prices of PMMA in the domestic market. On the other hand, the operating rates of the manufacturing firm have been low as demand from the downstream industry has not improved yet in the domestic market. Despite this, the material availability was abundant which encouraged the manufacturers to destock the inventories at low prices. Thus, as a result, prices of Polymethyl Methacrylate FD Hamburg were settled at USD 3195/MT during December.
For the Quarter Ending September 2023
North America
Overall, the prices of Polymethyl Methacrylate have witnessed a bearish rally in the US market. Throughout the third quarter of 2023, the manufacturers have had to reduce the prices in order to avoid stockpiling the product in the domestic market. The cost pressure from feedstock Methyl Methacrylate was limited, as its prices settled on the lower end in the domestic market. Furthermore, the material availability was sufficient as a result the manufacturing firms were operating at low rates as manufacturers were hesitant to build up excessive inventories in the domestic market. In addition, the US Manufacturing Purchasing Manager’s Index remained in the contraction zone, indicating a deterioration in manufacturing and industrial activity. Although, demand from the downstream automotive, and construction industries has increased despite the challenging environment, but it was insufficient to drive the prices of Polymethyl Methacrylate to the higher side. As a ripple effect, the prices of Polymethyl Methacrylate were offered at USD 3159/MT during September 2023
Asia- Pacific
Prices of Polymethyl Methacrylate have showcased fluctuation in the Asian market during the third quarter of 2023. During the initial prices of Polymethyl Methacrylate have inched higher in the South Korean market due to bullish buying sentiments in the market. The inquiries from the downstream automotive, and construction have increased as consumer sentiments have improved which supported the prices to follow the uptrend in the domestic market. However, during the middle of Q3, Polymethyl Methacrylate prices showed a downtrend due to weak demand from the downstream automotive, and construction industry. The market transactions were relatively light as the enthusiasm of the terminal firm to enter the market was not strong. At the same time, demand from the Chinese market has also dropped amid weak economic recovery which promoted the manufacturers to revise negative quotations. Although, Polymethyl Methacrylate prices have gained pace towards the end of Q3. The global crude oil prices have increased constantly amid the production cuts from Saudi Arabia and Russia which has put substantial pressure on the upstream Acetone and the same can be seen in the feedstock Methyl Methacrylate in the South Korean market. On the demand front, the inquiries from the construction industry have remained moderate, and downstream procurements were mainly based on a need-on-demand basis. On the other side, the offtake from the automotive industry has decreased after showing a promising performance in the previous quarter. At the same time, demand from the Chinese market has also subdued. As per the data, South Korea’s chemical exports in September dropped by 6.1% year on year to $ 3.82 bn. Furthermore, South Korea’s consumer inflation rate accelerated in September 2023, above market expectations, with the country’s central bank likely to keep interest rates high to stave off upward price pressures. As a result, prices of Polymethyl Methacrylate FOB Busan were settled at USD 2152/MT during September.
Europe
Prices of Polymethyl Methacrylate (PMMA) have witnessed mixed bags across the European market during the third quarter of 2023. During the initial and mid of Q3, Polymethyl Methacrylate prices have drastically dropped in the German market. The cost pressure from feedstock Methyl Methacrylate was limited as its prices settled on the lower end. The firm inflationary pressure and high interest have eroded the purchasing power of end-users. Meanwhile, demand for Polymethyl Methacrylate from the downstream construction industries remained inactive as the ongoing cost of living crisis has created recessionary conditions in key markets in Europe, with the Purchasing managers index indicating contracting activity. With wage increases not keeping up with inflation, consumers are focused on survival and avoiding discretionary spending on manufactured goods. Although the automotive sector has continued to rebound, it didn’t lead to an increase in the price realizations of Polymethyl Methacrylate in the domestic market. The material availability remained sufficient which further weighed down the prices of Polymethyl Methacrylate. After witnessing a downward trend in the past quarters, Polymethyl Methacrylate has gained an upward momentum towards the end of Q3 of 2023 as major producer Rohm has increased the prices of PMMA-based films. The feedstock Methyl Methacrylate prices have also been observed on the positive side, resulting in the strong domestic production cost of Polymethyl Methacrylate in the domestic market. However, demand from the automotive and construction industry has remained subdued in the domestic market. Therefore, prices of Polymethyl Methacrylate FD Hamburg were settled at USD 3711/MT during September.
For the Quarter Ending June 2023
North America
Polymethyl Methacrylate prices have shown mixed sentiments in the US market during the second quarter of 2023. During the initial and mid-of Q2, PMMA prices have increased in the domestic market, backed by high demand and limited material availability. The cost pressure from the feedstock was sufficient as its prices progressed in an upward trend in the given time frame. Despite the higher interest rates and global headwinds, demand for PMMA from the downstream automotive industry has increased in the domestic market. As per the U.S. Bureau of Economic Analysis, data showed new cars were sold at a seasonally adjusted annual rate (SAAR) of 15.9 million in April, up 11.4% from a year earlier and up 7.2% from March. Furthermore, on the supply front, Imports from Asia and other exporting countries have remained steady as the US Ports of Long Beach and Los Angeles have witnessed a shortage of laborers and dockworkers, which eventually led to the shutdown of the ports, resulting in the limited inventories in the US market. However, towards the end of Q2, PMMA prices drastically decreased due to low-cost pressure from feedstock MMA. Despite the economic woes, demand from the downstream automotive and construction has remained active in the domestic market. In addition, the availability of finished stock of PMMA was sufficient to cater to overall downstream demand, which weighed down the prices of PMMA. Therefore, prices of PMMA DEL Texas were assessed at USD 3110/MT with a month-on-month decrement of 6.3% during June 2023.
Asia-Pacific
Polymethyl Methacrylate (PMMA) prices have shown fluctuations in the South Korean market during the second quarter of 2023. During the initial and mid-Q2, PMMA prices have inched higher in the domestic market due to improved buying sentiments among the end-users. The cost pressure from feedstock MMA was sufficient as its prices progressed in an upward trend in the domestic market, reported by market participants. The inquiries from the downstream automotive and construction industries have remained active in the domestic market. At the same time, demand from the overseas market has also increased, which pushed up the prices of PMMA in the domestic market. As per the sources, new vehicle sales in South Korea increased by 7.4% in April amid the easing of supply shortages of semiconductors and parts. Although, towards the final of Q2, PMMA prices gained a downward trend in the domestic market amid steady demand and sufficient inventories. The feedstock MMA prices have remained stagnant, which resulted in the soft production cost of PMMA in the domestic market. The demand from the downstream construction and automotive industries has remained steady in the domestic market. The downstream procurements were mainly based on small orders. On the other side, the South Korean manufacturing purchasing manager's index increased slightly from 48.1 to 48.4 in May, compared with the previous month, but still below bar performance. Therefore, prices of PMMA FOB Busan were settled at USD 2089/MT with a month-on-month decrement of 2.0% during June 2023.
Europe
Polymethyl Methacrylate (PMMA) prices have continued to drop in the Italian market during the second quarter of 2023, backed by weak feedstock prices and sufficient inventories in the market. The inquiries from the downstream construction sector remained average in the domestic market. The enthusiasm of the terminal firm to enter the market was not strong, and market transactions were relatively flat in the domestic market. Although, demand from the other sectors, such as the automotive sector, has remained active and didn't lead to an increase in the price realization of PMMA. However, on the other hand, Italy's construction purchasing manager's index (PMI) slightly increased from 47.9 in May to 48.6 in June, but still below bar performance. In addition, feedstock MMA prices have continued to decline, which negatively impacts the production cost of PMMA in the domestic market. On the other side, the material availability has remained sufficient owing to steady inflows of cheap Asian imports and a stable domestic production rate which led to supply dominant market. Therefore, prices of PMMA FD Naples were assessed at USD 3798/MT with a month-on-month decrement of 10.0% during June 2023.
For the Quarter Ending March 2023
North- America
Prices of PMMA have witnessed an oscillating trend in the USA market during the first quarter of 2023. During January, PMMA prices increased due to high-cost pressure from the feedstock MMA prices. Demand from downstream automotive construction has increased slightly from the domestic and overseas markets. Although, during February, PMMA prices showed stagnancy with a marginal increment of 0.5% due to stable demand from the downstream automotive and construction industries while the material availability remained sufficient to cater to overall demand. However, during March, due to sluggish buying trends among the end-user, the PMMA price declined. Cost pressure from feedstock MMA has declined while the imports from the Asian market have remained steady, which resulted in better imported material availability. Also, the rate of container from China to the USA have edged lower. Furthermore, demand from the downstream automotive and construction industry witnessed a drop in demand. Meanwhile, the US Federal Reserve continued to tighten the monetary policy to curb inflation. Thus, prices of PMMA DEL Texas were assessed at USD 2930/MT during March 2023.
Asia-Pacific
PMMA prices have shown a see-saw trend in China during the first quarter of 2023. During the initial of Q1, PMMA prices dropped owing to sluggish demand from the downstream automotive and construction industries Market participants have reported firm availability of inventories at the ports and logistics have improved, resulting in increased material availability in the domestic market. Although, PMMA prices have significantly increased throughout mid of Q1 due to improved demand dynamics. In addition, imports from neighboring Japan and South Korea have turned costly as prices increased in the exporting countries as well. Furthermore, China's manufacturing activity rebounded in February as factories began to normal following years of Covid-19 disruptions. However, during the final of Q1, PMMA prices gained downward momentum on account of a slower demand outlook for the product from downstream industries. Market participants reported limited instances of new orders, which weighed down the prices of PMMA in the domestic market. Thus, prices of PMMA CFR Shanghai were assessed at USD 2092/MT during March 2023.
Europe
Throughout the first quarter of 2023, PMMA prices increased significantly in the European market after the holidays due to improved buying sentiments in the region. Operating rates have remained stable in the wake of stagnant consumption from the downstream industries. Although, feedstock MMA prices have increased, which resulted in the high prices of PMMA in the regional market. While the imports from the Asian countries have turned costly as a major manufacturer of PMMA, Kuraray has increased their PMMA prices in the Asian market. On the other side, demand for PMMA from the downstream automotive, construction, along with medical devices has risen slightly, thus strengthening the prices of PMMA in the regional market. As a result, prices of PMMA FD Hamburg were assessed at USD 4836/MT during March 2023.
For the Quarter Ending December 2022
North America
Polymethyl Methacrylate (PMMA) prices have continued their bearish rally in the US market during the fourth quarter of 2022 due to limited inquiries from the domestic market. In addition, production rates remained weak in the wake of stable consumption rates in the domestic market. The cost of production remained stable as Natural gas prices fell. Meanwhile, imports from Asia pacific region have strengthened amid a decline in freight charges. Furthermore, weak demand from the automotive, construction, and other competitive industries, along with sufficient material availability, forces the manufacturers to revise their price quotations. Thus, as a result, prices of Polymethyl Methacrylate General Purpose Grade DEL Texas were settled at USD 2857/MT with a month-on-month declination of 5.8% during December.
Asia- Pacific
Throughout the fourth quarter of 2022, prices of Polymethyl Methacrylate (PMMA) prices have continued their declining trend in the Chinese market, supported by the weak cost pressure from the feedstock MMA. Sufficient inventory levels along with gloomy demand have the other factor for the price drop in the domestic market. Furthermore, the ongoing lockdown measures in major cities amid rising pandemic cases lead to uncertainties in production, operation, and logistics. This exerted downward pressure on the end-user demand. Thus, as a result, prices of PMMA CFR Shanghai were assessed at USD 1900/MT during December. Although, in the South Korean market, PMMA prices demonstrated slight fluctuation. During October, PMMA prices showed upward stability owing to the stable demand from the downstream automotive and construction industries. At the same time, demand from the overseas market has also remained on the weak side amid sluggish buying sentiment. However, during November and December, prices have steeply fallen due to the low-cost pressure from the feedstock MMA prices. In conclusion, prices of PMMA FOB Busan were settled at USD 1717/MT in December.
Europe
Prices of Polymethyl Methacrylate (PMMA) have shown mixed sentiments in the German market throughout the fourth quarter of 2022. During October, PMMA prices rose by 2.2%, backed by the high-cost pressure from the feedstock Methyl Methacrylate (MMA). In terms of domestic production, operating rates remained under check as energy prices continued to climb higher. The supply chains in the market were disrupted due to prolonged port congestions and vessel bunching, which halted the supply flow of PMMA and, thus, limited the product availability in the market. In addition, Rohm has increased the prices of PMMA amid high energy costs. Although, during November and December, prices of PMMA declined on the back of sufficient inventory level and bearish demand from the downstream automotive and construction sector. Meanwhile, the supply has been supported by the cheap imported material, resulting in the price drop. Hence, as a result, prices of PMMA FD Hamburg were assessed at USD 3860/MT during December.
For the Quarter Ending September 2022
North America
Prices of Polymethyl Methacrylate have shown a fluctuation in North America throughout the third quarter of 2022. At the beginning of the quarter, prices have shown upward stability owing to a consistent increase in feedstock Methyl Methacrylate prices. Stable demand from the downstream automotive and construction industries has been a key determinant for the steady price in the regional market. However, during the mid and end of the third quarter, the commodity’s price plunged gradually across the regional market due to the drop in the raw material Methyl Methacrylate prices. In addition, speculation of recession around the USA has dampened the demand from the downstream industries. At the same time, demand from the overseas market has also dropped due to the slowdown in the European economies. In addition, ease in the upstream natural gas costs has led to the low production cost of Polymethyl Methacrylate. Sufficient inventories coupled with weak demand have resulted in a price drop in the PMMA. As a result, in the USA, prices of PMMA DEL Texas were assessed at USD 3255/MT during September.
Asia- Pacific
During the third quarter of 2022, Polymethyl Methacrylate prices have gained downward momentum in the South Korean market. The latest decline in the prices was induced by weak feedstock Methyl Methacrylate prices. Demand for Polymethyl Methacrylate has been subdued in domestic and overseas markets; thus, Polymethyl Methacrylate prices tumbled under the influence of stockpiled inventories. Furthermore, exports from South Korea to other Asian regions were affected as suppliers started to purchase the product on a need-to basis. Hence, prices of PMMA General Purpose grade FOB Busan were offered at USD 2108/MT with a monthly declination of around 2.3% during September 2022.
Europe
Polymethyl Methacrylate prices have shown a seesawed trend in the European region during the third quarter of 2022. During July, Polymethyl Methacrylate prices followed the stagnancy with a marginal decline of around 0.9%, supported by sufficient inventory levels and weak demand from the downstream industries. However, during August, Polymethyl Methacrylate prices rebounded due to increased feedstock Methyl Methacrylate costs. The high production cost of Polymethyl Methacrylate amid mounting energy costs has led to a price surge in the regional market. Demand from the downstream industries has dampened amidst high inflation rates. Though, the pricing sentiment deteriorated at the end of the third quarter as cheap imports from the Asian and North American regions entered European markets. Hence, as a result, prices of Polymethyl Methacrylate General Purpose FD Hamburg were assessed at USD 4265/MT during September 2022.
For the Quarter Ending June 2022
North America
During the Second Quarter of 2022, Polymethyl methacrylate (PMMA) prices in North America showed an upward trend due to the rising raw material Methyl Methacrylate cost. In addition, the stressful tension between Russia and Ukraine lifted the natural gas and fuel prices, proportionally affecting the market sentiments of Poly Methyl Methacrylate (PMMA)across the regional market. Additionally, the rising temperature in the US has increased energy demand and consumption. These facets have increased the production cost of Polymethyl Methacrylate, consequently showcasing its impact on the product. Furthermore, the continuous demand from automotive, Electronic, and energy industries became the driving force for the North American Poly Methyl Methacrylate market. As a ripple effect, the prices of Polymethyl Methacrylate General Purpose DEL Texas (USA) were assessed at USD 3335/MT with an inclination of 1.1% during June 2022.
Asia Pacific
Prices of Polymethyl Methacrylate showed a mixed sentiment in the Asia-Pacific region during the Second quarter of 2022. In April, prices of Polymethyl Methacrylate (PMMA) witnessed an upward trajectory backed by the rising cost of the raw material Methyl Methacrylate. Furthermore, due to the tight supply of Methyl Methacrylate (MMA), several Polymethyl Methacrylate producers have raised their manufacturing costs to maintain their profit margins. In addition, China’s manufacturing sector improved in May as factories resumed production. However, demand from the downstream in the automotive and construction sectors has remained stable to weak. Although, in the last month of the quarter, the prices of Polymethyl Methacrylate in China dropped due to the dwindling demand from the downstream sectors. Overall, the inventory level has been mostly lifted, which has coincided with supply disruption. Prices of Polymethyl Methacrylate CFR Shanghai were settled at USD 2300/MT with a decline of 2.1%, compared with the previous quarter.
Europe
During the second quarter of 2022, Polymethyl Methacrylate has witnessed mixed sentiments in Europe. In addition, Due to lower production rates, Poly Methyl Methacrylate prices (PMMA) in the European market climbed during April. In addition, production and operating rates were constrained as upstream energy costs shot up. Logistical issues coupled with a scarcity of suppliers drove higher Polymethyl Methacrylate costs across the regional market. Furthermore, growing demand and favorable buying sentiments in the downstream Automotive Energy and Electronic sectors have maintained an upward trend. However, in the last quarter month, prices of Polymethyl Methacrylate (PMMA) have declined, backed by ample availability and fragile demand from the downstream automotive sectors. Furthermore, the rising raw material cost, energy prices, and supply disruption have resulted in the weak demand for the product, curtailing the manufacturing output growth in Europe. As a ripple effect, prices of Polymethyl Methacrylate FD Hamburg in Germany were settled at USD 4320/MT, with a drop of 2.0% throughout June.
For the Quarter Ending March 2022
North America
During the first quarter of 2022, Polymethyl methacrylate prices in North America showed mixed sentiments. Due to the high feedstock Methyl Methacrylate price, PMMA prices increased in January. Increased demand from downstream industries, including construction, electronics, and energy, pushed prices upwards. The low production rate caused a lack of inventories in the regional market that failed to meet domestic requirements. Although, in last month of the quarter, the prices of PMMA in the United States weakened. The decline in the prices was attributed to the plentiful supplies and weak trading activities, which revived in March 2022. Along with the gloomy market sentiment, downstream demand appeared to be bearish. Polymethyl Methacrylate General Purpose DEL Texas (USA) prices were USD 3200/MT during March 2022.
Asia Pacific
Prices of Polymethyl Methacrylate showed an upward trajectory in the Asia-Pacific region during the first quarter of 2022, owing to the surge in the feedstock prices of Methyl Methacrylate. South Korea is a significant exporter and faced a shortage in the domestic market due to the resurgence of covid cases towards the end of the quarter. Consequently, production rates and trade activities were hampered amidst the repercussions of covid and the Russia Ukraine war. Therefore, high freight charges disrupted supply chains, resulting in a supply shortfall in the region. Polymethyl Methacrylate General Purpose CFR JNPT (India) prices were assessed at 2436/MT during March. Overall, The PMMA market outlook remained positive in Q1.
Europe
In contrast to the last quarter of 2021, Polymethyl Methacrylate showed positive market sentiments in Europe during Q1 2022. Prices climbed on the back of the crippling availability of a product in the region. The surge in feedstock prices pressurized Methyl Methacrylate production, which proportionally impacted the PMMA prices. Moreover, the energy crisis in Europe amidst the geopolitical tension between Russia- and Ukraine hindered the production activities and operating rates. Polymethyl Methacrylate General Purpose Grade FD Hamburg prices were settled around USD 4290 /MT during March. Furthermore, supply shortage and strong demand across the construction, electronics, and energy resulted in the high price of PMMA in the region.
For the Quarter Ending December 2021
North America
During the 4th quarter, the PMMA market in North America was observed to be bearish amid weak trading activities and port congestions. At the end of the Q4, the prices were prices dipped under USD 3000 per MT on FOB basis after remarkable Q2 and Q3. In America, it’s heard MCM Lucite 177kpta MMA plant in Memphis, TX, planned to shut down in November due to the plant maintenance. Tight MMA supply on the back of Roehm 160kpta MMA plant in Fortier, Louisiana, declared force majeure in Q4 and a lack of import owing to the transportation restriction. However, market demand was generally tepid as the market remained bearish approaching year-end. MMA supply appears sufficient and MMA price became stable.
Asia -Pacific
After witnessing prolonged dullness in Indian market, in Q4, PMMA prices started improving month over month, backed by rebound in industrial activities in the region. It was observed that, imports from Middle East were hampered due to crippling availability of shipping container, which led to a steep rise in freight cost. The price surge is in response to unprecedented and escalating pressure from energy prices. Mitsubishi Chemical Mitsubishi Chemical Methacrylates (MCM) group Lucite 180kpta MMA plant in Shanghai, advanced the shut down for 21 days maintenance to 3rd of November as affected by the energy consumption dual control policy. Demand showed no signs of slowing down in most market segments, particularly in construction, electronics, and packaging because of the upcoming festive season stocking. With the quarter end, the prices of PMMA in India were $2762/ton in December 2021 compared with $2697/ton with the inclination of 2.41%.
Europe
In Q4, the market demand was appeared to be weak in downstream coating and automotive industry. Most MMA plants finished annual turnaround and run well, nonetheless, Roehm was under force majeure and another 95kpta MMA plant in Wesseling, was still under sales control. However, the regional suppliers faced the dropped inventories and limited production affected by the tight supply of natural gas and oil. It’s heard MMA prices in Europe increased by €80/MT FOB in Q4 2021.
For the Quarter Ending September 2021
North America
In North America, following the economic recovery, demand for PMMA from the automotive and construction sectors witnessed an upward trajectory in the third quarter of 2021. PMMA market remained firm throughout the quarter backed by the considerable demand for sanitizers and protective gears across the world. Therefore, PMMA pricing dynamics remained firm because of strong demand that consequently resulted into the increment in its values during this quarter. Moreover, due to the severe climate calamity, many production units remained shut in the Gulf Coast of USA in August end for around two weeks that directly impacted the feedstock availability and also disrupted the supply chain and hence, further influenced the prices of PMMA in US.
Asia Pacific
In the Asia Pacific region, PMMA prices witnessed a downward trajectory during the third quarter of 2021 despite the resumption in the commercial activities due to the ample availability of the product. PMMA market continued to remain dampened in Asia although the market outlook varied from country to country. In India, PMMA values dropped consistently throughout the period because buyers restrained to adhere to bulk purchasing activities under the hover uncertainties after the second wave of Covid. However, marginal increment in the spot buying was witnessed in the latter half of the quarter but it was not enough to revive the prolonged dullness in the market sentiments since the last two months. Hence, overall market outlook in India for PMMA remained gloomy thus PMMA prices drifted to USD 2142.30 per MT from USD 2258.26 per MT in this timeframe of July to September.
Europe
In Europe, the PMMA market outlook appeared balanced to tight in the third quarter of 2021. The producers of feedstock MMA kept its prices firm throughout the quarter that consequently influenced the prices of PMMA in this quarter. In the European market PMMA demand and supply appeared volatile influenced by the global economic conditions. Thus, PMMA market showcased mixed sentiments in this quarter depending upon the inventories level and the demand fundamentals.
For the Quarter Ending June 2021
North America
Supply in North American improved during the second quarter of 2021, owing to the restoration of the industrial infrastructure of the US Gulf Coast. However, limited production of feedstock Methyl Methacrylate (MMA) along with the production and transport disruptions further extended the tightness in the regional market. Whereas the demand remained exceptional as the region observed a seasonal hike in offtakes from the downstream building and construction sector throughout the second quarter. Due to supply demand imbalance, prices remained buoyed since the mid of the second quarter with FOB Texas discussions in June reaching USD 3070.
Asia Pacific
Asia Pacific region experienced tight supply during the second quarter of 2021, owing to the turnaround in several capacities throughout the region. Thai MMA and Mitsubishi Chemicals Singapore curtailed the availability of the upstream MMA. Whereas in India, buyers were reluctant to procure higher volumes of PMMA as the region was severely impacted with the second COVID wave which strengthened the uncertainties in the domestic market in the first half of the quarter. As a repercussion prices in India continuously observed a downtrend amidst ample inventory level and subdued offtakes with Ex-Work Mumbai prices reaching USD 2912 per tonne in June.
Europe
Overall outlook pf PMMA market in the European region remain constrained in the second quarter of 2021. A major supplier in Middle East declared force majeure in its feedstock MMA capacity affecting the overall supply fundamentals. In mid-June Roehm announced the turnaround on MMA facility, due to the technical issue at its Worms site in Germany. Demand outlook remained firm from the downstream cement and coating industries as the region observed a seasonal hike from the building and construction activities in Northwest Europe.
For the Quarter Ending March 2021
North America
The North American PMMA market was extremely tight during the first as the region faced several plant shutdowns amid severe freeze weather conditions in the USA Gulf region, causing shortages of the key feedstock MMA in the region. Exports to other regions were severely impacted as the supply-demand gap widened in Q1 2021. Demand got hampered as the automotive sector reduced the production amid the shortages of key raw materials due to winter storm, followed by decline in consumption from the end-use industries. Due to the supply shortages, FOB Shanghai prices of PMMA spiked to USD 3290/MT in early March.
Asia-Pacific (APAC)
PMMA supplies in the region were tight during the first quarter of 2021, as the several producers halted their production over the shortage of feedstock MMA, followed by the plant turnarounds due to Chinese lunar New Year holidays which started on Feb. 12. Further reduction in distribution was observed amid the low production levels and turnaround season which significantly impacted the export segment of the APAC region. Demand in the region was balanced throughout the quarter as offtakes were healthy from the recovering automotive sector.
Europe
Supplies were balanced in the first quarter of 2021. Traded volumes were lower amidst hindrance in supply chains of the key feedstock MMA due to the transportation lag in the northwest European region. Furthermore, skyrocketing prices of MMA proportionally impacted the PMMA prices. Demand surged as the offtakes improved from all the downstream end uses especially from the improving automotive and construction sector in the European region.
For the Quarter Ending September 2020
Asia
The Chinese PMMA market was seen turning bullish as a combined effect of tight regional supply, firmer feedstock and improved sentiments in the domestic market. Supply of feedstock MMA remained exceptionally tight in lieu of a prolonged turnaround period in Asia starting from August, which is anticipated to last till November. Two MMA plants of Sumitomo Chemical, one in Singapore and other in Japan, were taken off stream for about a month due to maintenance related issues. Several other players located in Taiwan, Japan and South Korea announced force majeures in their MMA units in the forthcoming quarter. The overall demand of PMMA remained almost stable in Q3 with China lending strong support, particularly from the automotive and electronics sector. Prices were hovering in the range of USD 1370-1410 per tonne CFR southeast after staying unusually stable during first half of the quarter.
North America
The American PMMA market struggled to revive during the third quarter owing to dented dynamics in the United States. Producers in the region reported suppressed quarterly performance weighed under dampened auto sales and disruptions in services caused due to seasonal storms. PMMA second-quarter contracts were settled at a rollover, with traders maintaining a balance between higher demand from the transparent sheet sector, and poor MMA/PMMA margins.
Europe
PMMA supply remained lengthened during Q3, with no supply-side issues observed across the European market. Arkema, one of the top three producers of the resins in Europe and North America, reported a sharp rise in its quarter-on-quarter financials buoyed by improved PMMA sales with an inclining automotive demand. However, the demand for PMMA protective screens, which hit unprecedented highs in Q2 was seen easing in Q3 with substantial recovery observed in other end-uses (such as construction and automotive). September contract prices settled at an increase after maintaining stagnancy due to firming MMA.
