- PMMA production margin remains in a robust level
- S. Korea's May MMA imports from China surge 48.07% on-month
Asian methyl methacrylate (MMA) CFR China marker was assessed down $2/mt at $1,918/mt on June 16, with softer China domestic MMA prices.
Week-on-week, however, the CFR China MMA was up $8/mt, on the back of the recovering China domestic MMA market. Asian polymethyl methacrylate (PMMA) CFR China was assessed unchanged day on day at $2,330/mt for general purpose, injection-grade on June 16.
Week-on-week, the CFR China PMMA was down $5/mt. In market news, South Korea's methyl methacrylate imports from China surged 48.07% on-month to 1,516.10 mt in May, the recent Korean customs data showed on June 16.
In market news, South Korea, typically a net exporter of MMA to China, imported cargoes from the latter for the fourth consecutive month in May amid a global shortage, as reported. S Korea used to export MMA to China before February, with monthly exports averaging 1,258.31 mt in 2020. The country's MMA trade flows shifted to China-to-Korea amid a severe shortage of MMA globally and more robust demand from end-users in Korea.
South Korea was caught short of MMA earlier this year primarily following the production disruption in the US, S&P Global Platts reported earlier. However, market participants were expected that the Asian MMA market sentiment is likely to be softer from July onwards, with the heavy turnaround season in Asia ending.
The MMA production loss during July due to the scheduled maintenance work was estimated at around 4,250 mt, down 87.43% on-month from the previous 33,809 mt in June, according to S&P Global Platts data.
Meanwhile, the MMA production margin out of the acetone was estimated at around $893.42/mt, while the one out of the MTBE at around $170.95/mt as of June 16, S&P Global Platts data showed.
Downstream, PMMA production margin out of the feedstock MMA was estimated at around $162/mt on the same day, the Platts data showed.