Introduction: Recently, the domestic acrylic acid market has ended its previous sideways consolidation and entered a phase of fluctuating decline. As of now, the mainstream price of acrylic acid in the East China market is 11,350 yuan/ton, down 400 yuan/ton from last week, a decrease of 3.4%. Raw material propylene prices rose and then fell. Acrylic acid holders in the market adjusted their offers flexibly according to market conditions. Market sentiment is cautious and bearish, with trading activity weakening. Downstream enterprises are primarily consuming existing contracts, showing insufficient initiative for new purchases. The focus of negotiated prices has shifted downward.

I. Price Trend: From Stable to Declining, Center of Gravity Shifting Lower

During this period, the acrylic acid market in East China showed an overall trend of fluctuating decline. At the beginning of the week, the market could still operate near the previous high levels. However, as raw material propylene prices surged and then retreated, coupled with a significant drop in international crude oil prices, market sentiment quickly turned cautious. Acrylic acid producers and holders shifted from their previous price-supporting strategy to flexible quoting and active price concessions. High-priced supplies in the market decreased significantly, while medium- and low-priced supplies increased. The overall transaction price center gradually shifted towards the medium-to-low end. As of now, the mainstream price of acrylic acid in the East China market is 11,350 yuan/ton, down 400 yuan/ton from last week, a decrease of 3.4%.

II. Raw Material Propylene: Rose First Then Fell, Cost Support Shifting from Strong to Weak

The domestic propylene market rose initially and then fell back this week. At the beginning of the week, the restart of the Meide Phase I PDH unit and the Lanzhou Petrochemical cracking unit had limited impact on the market as most companies operate in an integrated manner. Supply remained relatively tight, and geopolitical conflicts pushed up costs, with the mainstream average price once exceeding 9,500 yuan/ton. Subsequently, as geopolitical tensions eased and energy futures plummeted, the propylene market entered a correction phase. In the East China market, reduced inflows due to sales restrictions in the north led to tight regional supply, prompting major refineries to raise their offers. In the latter half of the week, influenced by weaker futures, companies held prices steady and adopted a wait-and-see approach. As of April 9, the mainstream transaction price for propylene in Shandong was 9,150 yuan/ton, up 3.92% week-on-week; in East China, it was 9,450 yuan/ton, up 3.00% week-on-week. Overall, raw material propylene rose first and then fell, shifting its cost support for acrylic acid from strong to weak.

III. Ample Supply Coexists with Weak Demand, Market Under Downward Pressure

From the supply side, the domestic acrylic acid industry's capacity utilization rate increased slightly to 82.08% this week, indicating generally ample market supply. Factories and holders adjusted their previous price-supporting strategies, shifting to flexible quoting and actively promoting transactions. High-priced supplies decreased significantly, while medium- and low-priced supplies increased, further driving down the overall price center. From the demand side, influenced by falling international crude oil prices and uncertain macroeconomic expectations, downstream enterprises generally hold a bearish sentiment. Most are focused on executing previous contracts, with low initiative for restocking. Downstream acceptance of current prices is limited, with a widespread belief that there is still room for correction. Overall market inquiry activity has declined, with transactions mainly consisting of small and spot orders. The continued wait-and-see attitude and weak purchasing from the demand side have become the most direct driving factors for this round of acrylic acid price decline.

IV. Market Outlook: Short-term Pressure, Narrow Decline May Continue

In summary, the current acrylic acid market faces triple pressures: "limited cost support, relatively ample supply, and insufficient demand follow-through." It is expected that the market will continue to operate weakly next week, with the possibility of a narrow price decline. On the cost side, raw material propylene is expected to maintain volatile consolidation. The evolution of the geopolitical situation remains uncertain, but it is unlikely to provide strong cost impetus for acrylic acid in the short term. On the supply side, although the reduced operating rate at Yantai Wanhua may slightly narrow capacity utilization, low-priced supplies still need time to be digested. Holders' willingness to sell remains strong, and price competition may continue. On the demand side, downstream users have low acceptance of current price levels, and the wait-and-see sentiment is unlikely to dissipate quickly. The pattern of purchasing small orders based on rigid demand is expected to continue, with overall inquiry and trading activity remaining weak. Based on a comprehensive assessment, the acrylic acid market is highly likely to remain under pressure next week, with the price center potentially shifting slightly lower.