September 30 report:
According to the commodity analysis system, the maleic anhydride market in China continued to rise in September. As of September 30, the average price of maleic anhydride was 9,850 CNY/ton (including tax), a 20.12% increase from 8,200 CNY/ton on September 1.
Supply side: In September, the upstream feedstock n‑butane continued to rise, providing cost support. At the same time, several maleic anhydride production units in the region entered maintenance, leading to a decline in industry operating rates and tighter spot supply. Traders’ reluctance to sell and their bullish stance became more pronounced, further underpinning the upward trend in maleic anhydride prices during the month. As of September 30, in the Shandong region, solid maleic anhydride was trading at around RMB 9,000–9,500 per ton, while liquid maleic anhydride was priced at approximately RMB 8,500–8,700 per ton.
Upstream: In September, the price of n‑butane in Shandong continued to rise sharply, driven by geopolitical tensions and rising crude oil prices. Internationally, Saudi Arabia’s CP butane for September was set at $660 per tonne, up $20 from August, while import costs kept climbing, providing support to domestic gas prices.
Downstream: The largest downstream application of maleic anhydride is unsaturated polyester resins, followed by coatings, plasticizers, water treatment agents, and other sectors. With September marking the traditional “Golden September” peak season for unsaturated resins, orders from downstream end‑use industries such as fiberglass composites, crafts, and coatings have improved month over month, leading to higher operating rates at resin producers and increased rigid‑demand procurement, thereby supporting maleic anhydride consumption. However, as maleic anhydride prices continue to surge, raw material costs for resin manufacturers have risen sharply, squeezing profit margins. Downstream buyers are increasingly reluctant to pay premium prices, maintaining low inventory levels and showing limited willingness to chase higher prices, which in turn restrains further price escalation.
An analyst specializing in maleic anhydride notes that, on the cost side, Saudi Arabia’s October CP price was set at USD 730 per ton for butane, up USD 70 from September, driving further increases in import costs and supporting the butane market. October is traditionally the “Silver October” for the downstream resins sector, yet terminal demand remains uncertain. On the one hand, if downstream sectors such as fiberglass and building materials continue to see a recovery, with resins production capacity utilization staying elevated, rigid demand for maleic anhydride will provide support. On the other hand, with maleic anhydride prices currently at high levels, downstream companies face significant cost pressures, and the National Day holiday in October may dampen manufacturers’ willingness to build up inventories, leading the market to likely remain in a make‑to‑order purchasing mode. Overall, China’s maleic anhydride market is expected to trade in a range at elevated levels throughout October.
