Introduction: Recently, the unsaturated resin market has shown a tug-of-war between supply and demand, with price fluctuations primarily driven by the game between upstream and downstream players. As raw material prices have peaked and pulled back, cost-side support has weakened. Unsaturated resin plants have maintained stable price quotations, but price softening has already emerged in some regions due to weak demand.

1. 2026 Unsaturated Resin Market Price Trend and Causes in East China

Specifically:

Weak cost transmission: Upstream raw materials (such as styrene, maleic anhydride, and diethylene glycol) have shown a trend of first rising and then falling, weakening the cost support effect and leaving unsaturated resin prices without upward momentum. Currently, most plants are maintaining wait-and-see quotations, resulting in a stalemate in prices. If raw material prices fall further, resin prices may follow suit passively, but profit margins could see a synchronous recovery.

Significant demand-side pressure: Downstream industries like FRP and artificial stone have strong resistance to high-priced materials, with procurement limited to rigid demand. Market trading sentiment is light, posing significant resistance to price increases.

Regional supply-demand differences: In main production areas such as East China and South China, prices remain firm due to a relatively balanced supply-demand situation. Meanwhile, markets in North China and Shandong are affected by insufficient order volumes, leading to minor price declines in some areas, highlighting regional divergence.

2. 2026 Unsaturated Resin Fundamentals

From the supply side, although multiple units in the unsaturated resin industry have gradually resumed operation this week, the overall restart progress has been relatively slow. Affected by the May Day holiday, some major production units underwent scheduled maintenance, causing the industry's overall capacity utilization to drop to 20%, a further decline from earlier periods. Under this backdrop, the operating rate across the industry continued to decrease, eventually leading to a moderate contraction in market supply.

Recently, the profitability level of the domestic unsaturated resin industry has declined significantly both year-on-year and quarter-on-quarter, with substantial cost pressure. According to data from chempricehub, as of the close on May 8, the production gross profit of the domestic unsaturated resin industry was 187 yuan/ton, down 65% from before the holiday, indicating a low profit level. Most mid- and low-end materials have experienced losses to varying degrees. The main reasons for the continued decline in profitability of the domestic unsaturated resin industry recently are as follows: raw material prices remain at high levels but their transmission to unsaturated resin is hindered; unsaturated resin plants have generally kept prices stable, leading to a continuous decline in profits.

3. Forecast for Subsequent Unsaturated Resin Market Development

In the near term, the domestic unsaturated resin market lacks clear positive support, and prices may continue to decline.

Cost side: Although the supply-demand fundamentals have somewhat improved, dragged down by the persistent weakening of costs, the market price is expected to show a weak and fluctuating trend. The spot price in Jiangsu is expected to operate in the range of 9,700–10,200 yuan/ton.

Supply side: Next week, the overall operating rate of domestic unsaturated resin units is expected to rise. Idle plants will gradually resume production, pushing capacity utilization up slightly, resulting in generally ample market supply.

Demand side: After the holiday, downstream consumers are mainly digesting inventories, and restocking is cautious. Combined with falling raw material prices, the transmission of high resin prices is hindered, and demand may further contract.

In summary, with upstream raw material prices declining, insufficient cost support coupled with the "buy when rising, not when falling" mentality, unsaturated resin prices are likely to continue their gradual decline. As the current supply-demand contradiction has not been substantially alleviated, the market is expected to maintain a narrow downward trend.