Asian methyl methacrylate (MMA) prices were assessed up $12/mt week on week at $1,890/mt CFR China on the back of improved demand in China, which saw prices in the domestic market rise.
Domestic prices were heard around Yuan 13,083.33/mt on April 21, up more than Yuan 430/mt week on week. The April 21 price was equal to about $1,671.40/mt on an import parity basis, still far below international market prices, which this week were heard around $1,980-$2,050/mt on a CFR Northeast basis.
Meanwhile, FOB China prices were heard around $1,950-$2,000/mt, with a possibility of arbitrage to India, where domestic ex-tank were prices heard around $2,100/mt on import parity basis.
A trader said India had received much MMA imports, and prices and demand had decreased significantly over the last few weeks.
Contributing to a wait-and-see stance in India this week was the surge in COVID-19 cases, which had led to new lockdown measures. A trader said the full impact of the fresh wave of cases in India was not yet clear for the local industry.
However, supply remained tight in Asia, market sources said, with global supply backlogs still having an impact after the deep freeze that hit the US earlier this year. In Southeast Asia, turnarounds were currently ongoing.
In feedstocks this week, acetone rose $10/mt to $1,110/mt CFR China, assessed on April 20, while MTBE rose $17.90/mt to $735.40/mt FOB Singapore on April 21.
Asian polymethyl methacrylate (PMMA) slipped $5/mt week on week to $2,345/mt. A Northeast Asian producer and a trader said in the week ending April 24 that the market was stable in terms of prices and demand.
A major Southeast Asian producer is expected to revise its prices next week, sources said.