Lead: In the first week of June, the domestic unsaturated polyester resin market continued its weak trend, with prices showing a narrow, gradual decline. Affected by factors such as weakened raw material cost support, seasonal demand slump, and production cuts at factories, market transactions were sluggish. In East China, the negotiated price for the mainstream model 196# resin gradually dropped to 9,900-10,000 yuan/ton, approaching the 10,000 yuan mark, with an increase in low-priced goods available in the market.

I. Raw Material Prices Mostly Decline, Unsaturated Polyester Resin Transactions at Low Levels

As of June 4, compared to the end of March, the cumulative decline in unsaturated polyester resin prices was 700-800 yuan/ton, a drop of 6.54% to 6.60%, showing a significant downward trend. Prices of major raw materials generally fell, significantly weakening cost-side support. Styrene prices fluctuated downward, with a month-on-month decline of 16.9%; propylene glycol also dropped by 17.8%; neopentyl glycol showed the weakest performance, with a decline of up to 23.2%. On the supply side, the industry operating rate was adjusted downwards, but inventory pressure remained. On the demand side, downstream procurement continued to be weak, coupled with the impact of the traditional off-season, market transactions were thin, with most participants adopting a wait-and-see attitude, and prices passively followed the downward trend of raw materials.

Table 1: Price Comparison of Products in the Domestic Unsaturated Polyester Resin Industry Chain (Unit: yuan/ton)

| Product | Region/Category | June 4 | March 31 | Change (Value) | Change (%) | Unit |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| Styrene | East China | 8,950 | 10,775 | -1,825 | -16.94% | yuan/ton |
| Diethylene Glycol | East China | 6,920 | 7,470 | -550 | -7.36% | yuan/ton |
| Ethylene Glycol | East China | 4,579 | 5,275 | -696 | -13.19% | yuan/ton |
| Propylene Glycol | East China | 8,550 | 10,400 | -1,850 | -17.79% | yuan/ton |
| Maleic Anhydride | East China | 7,660 | 8,035 | -375 | -4.67% | yuan/ton |
| Phthalic Anhydride | East China | 7,850 | 8,400 | -550 | -6.55% | yuan/ton |
| Neopentyl Glycol | East China | 7,300 | 9,500 | -2,200 | -23.16% | yuan/ton |
| Unsaturated Polyester Resin | East China | 10,000 | 10,700 | -700 | -6.54% | yuan/ton |

Source: chempricehub

Entering the second quarter, unsaturated polyester resin prices continued to decline. The drag from the cost side was significant: the disruption to supply from geopolitical factors gradually subsided, and international crude oil prices corrected significantly, leading to a marked weakening of cost support along the industrial chain. Although the prices of core raw materials like styrene and maleic anhydride received interim support from increased unplanned maintenance, persistently weak terminal demand for unsaturated polyester resin, coupled with a lack of substantial positive market catalysts, led to a lack of confidence among industry participants and prices continued their volatile downward trend. Taking styrene as an example, its price has already fallen to the 8,880-9,020 yuan/ton range. Meanwhile, downstream sectors are in their traditional off-season, with strong resistance to high-priced raw materials, resulting in thin spot market transactions.

Negative demand-side feedback intensified: Downstream sectors such as FRP and panel resin are operating at low rates, with insufficient new orders. Companies mainly focus on consuming existing inventories and are cautious about replenishment. The market shows a characteristic of "small urgent orders, and price pressure on large orders". Buyers have a very weak appetite for high-priced goods, making it difficult to achieve large transaction volumes. The "buy when rising, not when falling" mentality further suppresses market activity. Under the dual weakness of costs and demand, unsaturated polyester resin manufacturers are forced to follow market trends, leading to widespread price passthrough declines.

II. Supply of Unsaturated Polyester Resin Decreases, Output Drops

Figure 1: Trends in Weekly Production and Capacity Utilization of Unsaturated Polyester Resin (10,000 tons/%)
Source: chempricehub

Figure 2: Comparison of Unsaturated Polyester Resin Capacity Utilization (%)
Source: chempricehub

Since May 2026, the domestic unsaturated polyester resin industry has entered a period of concentrated maintenance. Affected by both traditional seasonal maintenance and strategic production cuts by companies, the industry's capacity utilization rate has shown a stepwise decline. As of early June, the nationwide average operating rate remained at a low of 32%. Against the backdrop of stagnant new capacity additions, the contraction on the supply side has further intensified. The current market displays the following structural characteristics: Short-term supply tightness: Maintenance has led to a significant reduction in immediate capacity, but the backlog of earlier low-priced inventory in the circulation channel provides a buffer, partially offsetting the raw material price fluctuation pressure caused by production cuts. Increased market stratification: On one hand, producers accelerate inventory clearing through intermittent shutdowns. On the other hand, there is ample supply of low-priced resources in the trading segment, creating a clear price competition landscape.

III. Demand Side: Weak Terminal Recovery, Persistent Rigid Demand Weighs on Unsaturated Polyester Resin Market

Weak demand is the core dominant factor behind the current weak performance of the unsaturated polyester resin market. Performance varies across downstream sectors such as FRP, artificial stone, and building materials. In manufacturing sectors like FRP and artificial stone, intense competition in the terminal market and weak cost pass-through ability mean companies face the dual pressure of falling raw material prices and weakening orders, leading to cautious operating plans. Overall, the downstream demand side struggles to fully absorb cost increases, leading to an imbalance in profit distribution along the industry chain. Coupled with recent declines in raw material prices and a predominantly wait-and-see attitude, the overall order volume for terminal manufacturing companies is insufficient, and industry operating rates remain persistently low.

From both domestic and export perspectives, performance in end-use consumer industries is lackluster. The boost from the traditional domestic peak season continues to fall short of expectations. Coupled with the high price environment for various raw materials, profitability pressures on end-user companies persist, and the transmission of upward raw material procurement demand continues to weaken. Meanwhile, downstream small and medium-sized processing plants have not fully consumed their pre-stocked inventory. Their current procurement strategy is extremely cautious, generally adopting a 'buy-as-needed' model with small orders to replenish inventory, without any concentrated or advance stocking activities. As a result, new orders in the market are sluggish, and the speed of spot circulation has slowed.

In late Q2, as the effects of the industry's traditional off-season gradually become apparent, there are no signs of a rebound in terminal demand. The persistent lack of rigid demand serves as the core resistance suppressing upward momentum in the unsaturated polyester resin market price.

IV. Market Outlook

Short-term outlook (June to early July): There are no clear signs of a recovery in terminal rigid demand. The demand side for unsaturated polyester resin still lacks effective support, and price trends will continue to be dominated by raw material fluctuations. On the raw material front, styrene is pressured by the weakness in the crude oil market, while the supply of maleic anhydride remains tight. It is expected that styrene will maintain low-level volatility, and unsaturated polyester resin prices will face concurrent pressure. The highly correlated relationship between the two is unlikely to change in the short term.

Medium to long-term outlook (Mid-July to August): If the traditional peak consumption season in Q3 arrives as expected, concentrated terminal replenishment could drive an increase in the operating rate and demand for unsaturated polyester resin. The industry's bargaining power may improve, and the price-driving logic could shift to a "cost + demand" dual model, significantly enhancing the influence of the demand side on pricing. Conversely, if the peak season performance falls short of expectations and the weak demand trend persists, the cost-dominated price scenario could continue until the end of Q3.

Conclusion:

Overall, from early June to early July, unsaturated polyester resin prices are likely to maintain a volatile downward trend. The subsequent rebound strength will primarily depend on substantial orders from end-user demand, rather than short-term cost fluctuations. Entering Q3, the market may show a pattern of "first declining, then stabilizing"—the earlier price adjustments have partially released risks. Combined with active supply-side adjustments and a gradual recovery in demand, the supply-demand relationship is expected to move towards a new balance around Q4.