According to the Commodity Analysis System of SunSirs, the domestic market for maleic anhydride saw prices rise and then fall in June, trending downward overall; as of June 30, the average quoted price stood at 7,250 RMB/ton (tax-inclusive), representing an 8.08% decline from the 7,887.50 RMB/ton recorded on June 1.
On the supply side, a tightening of supplies caused by maintenance at domestic maleic anhydride plants in early-to-mid June, combined with periodic restocking by downstream sectors, drove a price rally; however, demand during the off-season could not sustain these high prices. As plants resumed production and supply increased, the imbalance between supply and demand intensified sharply, leading to a significant price drop in the latter half of the month. As of June 30, ex-factory prices for maleic anhydride in the Shandong region hovered around 6,100–6,600 RMB/ton for the solid form and 6,000–6,300 RMB/ton for the liquid form.
On the upstream front, the market for n-butane in Shandong saw a significant decline in June, driven by easing international geopolitical tensions and weakening crude oil prices; internationally, the Saudi CP price for June was set at $820 per tonne, an increase of $20 per tonne from the previous month.
On the downstream side, the unsaturated polyester resin, plasticizer, and coatings industries entered their traditional off-season in June; high temperatures led to a sharp drop in operating rates among manufacturers of end-use products, shipments of finished goods were sluggish, and raw material procurement was limited to meeting immediate, essential needs.
Market Outlook:
Analysts at SunSirs believe that with the continuation of the high-temperature off-season in July, operating rates in the downstream resin and coating industries are unlikely to see a significant rebound, keeping demand for maleic anhydride weak. Coupled with the likelihood that production rates will remain high and inventory depletion will be slow, maleic anhydride prices are expected to continue fluctuating at low levels.
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