Morning Market Update: Acrylic Emulsion

I. Key Points

1. November 10: Mediators, including Qatar, continued to push for US-Iran negotiations, easing market concerns and causing international crude oil prices to decline. NYMEX WTI December futures closed at $86.04/bbl, down $0.81/bbl (-0.93% day-on-day); ICE Brent January futures closed at $91.49/bbl, down $1.08/bbl (-1.17% day-on-day). China INE crude oil futures (January 2027 contract) fell by 31.4 yuan to 599.3 yuan/bbl, with the night session dropping a further 9.1 yuan to 590.2 yuan/bbl.

2. Yesterday, the domestic MMA market remained in a stalemate. Cost-side pressures continued to ease, affecting market sentiment. Due to weak purchasing interest, the market stagnated, resulting in limited transaction volume. The short-term outlook suggests the domestic MMA market will remain largely flat.

3. Yesterday, the price center of gravity for domestic butyl acrylate continued to decline. Propylene prices dropped significantly, while upstream raw materials n-butanol and acrylic acid also weakened in tandem. This led to reduced cost support for butyl acrylate. Holders adjusted their offers according to market trends, reflecting cautious and bearish sentiment. Downstream users showed limited initiative in inquiries. Today, n-butanol is expected to continue declining or consolidating, further weakening cost support. Consequently, the butyl acrylate market is likely to maintain a weak, fluctuating trend. Future attention should be paid to supply conditions and raw material price fluctuations.

II. Price List

Unit: RMB/ton

III. Market Outlook

Yesterday, both butyl acrylate and styrene exhibited downward trends, while the MMA market stabilized. Pressure from the cost side has continued to alleviate. Acrylic emulsion manufacturers actively increased sales volumes, lowering their offer prices. Downstream users followed suit based on rigid demand, leading to transactions occurring amidst falling prices. In the short term, geopolitical tensions in the Middle East have eased slightly, resulting in subdued market sentiment. Raw material prices may continue to weaken within a narrow range. Emulsion producers are likely to focus on active inventory clearance, while end-users will purchase strictly on demand. Therefore, the emulsion market is expected to remain weak. Future monitoring should focus on developments in the markets for butyl acrylate, MMA, styrene, and downstream products.