The MMA market began to recover toward the end of August and continued its upward movement into early September. As of the morning of September 8, the reference price in East China had reached approximately RMB 12,100/tonne, representing a cumulative increase of RMB 700/tonne, or 6.14%, during this cycle.

The latest price increase has been mainly supported by both supply constraints and rising production costs. In the short term, the market is facing a combination of firm cost support and gradually improving supply, creating a clear tug-of-war between buyers and sellers.

I. MMA Prices Rise 6.14% During the Latest Cycle

As shown in Figure 1, MMA prices in the East China market moved steadily higher from late August through early September.

On the supply side, the restart of several production units was delayed, meaning that the expected increase in market availability did not materialize as quickly as anticipated. In addition, the industry needs time to fully ramp up operating rates following the restart of production facilities.

At the same time, higher upstream costs provided additional support for MMA prices. As a result, spot market negotiations gradually moved to higher price levels, while low-priced offers became increasingly difficult to find.

By the morning of September 8, the reference price in East China had reached approximately RMB 12,100/tonne.

II. Supply Recovery Falls Short of Expectations, with More Replenishment Expected in Mid-September

According to weekly data from Longzhong Information, as of September 3, MMA production and capacity utilization had shown no significant change from the previous period, while spot market supply had not yet seen substantial replenishment.

Although some production units restarted as scheduled, MMA output is expected to increase significantly in the coming period. Industry capacity utilization is projected to rise by approximately 10 percentage points to 68%.

Provided there are no unexpected production disruptions, market supply is expected to increase further by mid-September. This should gradually narrow the current spot supply gap and ease some of the tightness in the market.

III. High Raw Material Costs Continue to Support MMA Prices

Cost pressure remains another key factor behind the recent MMA price increase.

Upstream MMA-related products experienced significant price increases during March and April 2026, followed by a correction from May through early July. However, prices strengthened again toward the end of July, pushing MMA production costs higher.

As of the morning of September 8, upstream raw materials showed mixed price movements, but the overall cost level remained higher than at the end of August.

Among the major changes:

• Acetone in Jiangsu increased by RMB 675/tonne to RMB 7,800/tonne, up 9.47%.
• Tert-butanol in Shandong increased by RMB 200/tonne to RMB 7,500/tonne, up 2.74%.
• Methanol in Taicang increased by RMB 375/tonne to RMB 3,475/tonne, up 12.10%.
• Sulfuric acid (98%) in Jiangsu decreased by RMB 100/tonne, down 4.76%.
• Isobutylene in Shandong increased by RMB 600/tonne to RMB 11,450/tonne, up 5.53%.

Overall, MMA production costs remained elevated as of September 8, providing solid support for current market prices.

IV. Downstream Demand Remains Essential, but High Prices Face Resistance

The recent increase in MMA prices and raw material costs has put additional pressure on downstream manufacturers.

Following the price increases of the past week, downstream companies showed different levels of acceptance. However, cost pass-through has generally lagged behind the increase in upstream prices.

Entering the second week of September, enthusiasm for high-priced purchases has weakened. Most downstream buyers are currently focusing on essential procurement and maintaining normal production, rather than building significant inventories.

This has limited the market's ability to continue rising rapidly despite strong cost support.

V. Market Outlook

Overall, the latest MMA price increase has been driven mainly by tight short-term supply and elevated upstream costs.

On the supply side, several production units have restarted in recent weeks, and industry capacity utilization is expected to increase by approximately 10 percentage points to 68%. Contract and spot market supplies should gradually recover, particularly around mid-September.

On the demand side, downstream buyers continue to purchase according to their immediate requirements. However, as prices have risen, purchasing enthusiasm has weakened and resistance to higher price levels has become more apparent.

From the cost perspective, upstream raw material prices remain relatively high in the short term, providing continued support for MMA prices. At the same time, geopolitical developments could introduce additional uncertainty to energy and raw material costs.

Therefore, the MMA market is likely to enter a period in which strong cost support and improving supply compete with weaker downstream purchasing enthusiasm. If there are no unexpected production disruptions or major fluctuations in upstream costs, the market could temporarily consolidate, with spot negotiations potentially becoming slightly more flexible as supply gradually improves.

However, the actual price direction will ultimately depend on the balance between supply recovery, downstream demand, raw material costs, and market trading sentiment. A stronger-than-expected increase in production costs or an unexpected supply disruption could push the market beyond the current outlook.