The price of Vinyl Ester Resin (VER) in Asia experienced fluctuating movement in the week ended on 28 November 2025. Taiwan and China dipped as demand was cautious with stable feedstock costs, whereas India increased on support of anti-dumping duties and better demand from the automotive sector.
In Taiwan, VER quotes weakened as sentiment was dampened by a balanced supply and soft demand. Feedstock fundamentals remained stable—with epoxy resin prices flat across the Asian market, allowing VER producers to maintain predictable costs. Domestic operating rates remained stable, and producers were said to be exercising some purchasing discipline in an effort not to build up inventory. Export sales were below seasonal pace, further pressuring the local availability of VER.
On the demand side, new vehicle registrations totalled 36,485 units in November, up 5.7% from October but down 6.9% year on year. The absence of long holidays and mixed brand performance limited any significant uplift, reinforcing a cautious buying environment and contributing to softer VER prices.
China also saw a drop in VER prices as supply stabilized on the back of stable production and import volume and demand remained flat. Feedstock price for epoxy resin remained stable, which allowed producers to operate at a stable capacity without margin pressure. Despite a 6% rise in the Intra Asia Container Index, import parity stayed competitive as global VER sellers cleared excess stocks, supporting attractive CFR offers.
On the demand front, the construction PMI rose to 49.60 in November from 49.10 in October, holding up partly. Nevertheless, the upside was not enough to counter the overall bearish tone as buyers were still restricting purchasing to near-term needs and waiting for potential year-end discounts. In general, the VER market sentiment remained on the weak side due to cautious buying.
By contrast, India’s VER prices increased over the same time period. The government imposed a new set of anti-dumping duties on liquid epoxy resins originating in China, South Korea, Saudi Arabia, Taiwan, and Thailand, clogging the supply of cheap imports and as a result severely limiting spot availability of epoxy feedstock. Although domestic production of epoxy resin was still in the cards, it was insufficient to satisfy demand, rendering the manufacturing schedule for VER producers tight.
The passenger car segment demand rose nearly 21% YoY to about 425,000 units in November driven by GST rate cuts and festive season momentum. Solid auto demand gave further upside momentum to the price movement.
Going forward, Asian VER markets are likely to stay divergent on a regional basis. Taiwan and China are expected to continue to be under pressure as tentative demand and stable feedstock costs capped upside. India is, however, likely to maintain its bullish sentiments for the near term on account of very strong anti-dumping protection and steady demand from the automotive sector.
