In April, the domestic MIBK market exhibited a pattern of high-level consolidation; prices remained at their annual peak, displaying only moderate volatility influenced by the interplay between production costs and market supply-demand dynamics. The overall landscape was characterized by "relatively stable supply and sluggish demand," with prices undergoing a slight correction yet remaining within the high-range band observed over the past year.

In April, MIBK prices exhibited a pattern of slight volatility and correction. The benchmark price stood at 12,500.00 RMB/ton on April 1st, subsequently declining to 12,266.67 RMB/ton by April 29th—a decrease of 1.87%. Price quotations in the Shandong region showed significant divergence, with the mainstream range falling between 12,000 and 12,300 RMB/ton. Current prices remain near a one-year high and have been flagged as "overbought" within a one-year timeframe.

Domestic effective production capacity for MIBK stands at 210,000 tons. Operating rates remained high in April; although a facility belonging to an enterprise in Hunan was temporarily suspended, this did not impact overall supply. As a key global producer, China exported 92,000 tons in 2025—an increase of 18.3% year-on-year—while its reliance on imports declined, thereby underpinning supply stability.

The weakness on the demand side remained unchanged, and purchasing appetite remained sluggish. Core demand for MIBK was concentrated in sectors such as coatings and inks; in April, downstream purchasing sentiment was subdued, with most enterprises adopting a strictly "buy-on-demand" approach. This weak demand constrained upward price movement, prompting some companies to lower prices in an effort to reduce inventory.

Key Influencing Factors: Limited Cost Support; Supply-Demand Dynamics Dominate. Fluctuations in the raw material—acetone—have provided only limited cost support. Acetone accounts for over 60% of MIBK production costs; in April, acetone prices followed a trajectory of initial lows followed by subsequent highs. Although there were intermittent price increases, the support provided by these costs remained limited due to weak demand for MIBK, resulting in compressed profit margins for manufacturers.

According to SunSirs, the primary factor driving the high-level consolidation of MIBK prices in April was the equilibrium between costs and demand, characterized by "high prices, weak demand, and stable supply." Looking ahead, supply is expected to remain stable, while demand is unlikely to shake off its short-term weakness. Prices are projected to fluctuate within the range of 8,000–12,500 RMB/ton; in the long term, as high-end demand is unleashed, prices are expected to be stable with a slight rise.

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