China UPR Prices Surge 21.2% in March on Feedstock Inflation and Supply Tightness

The Chinese unsaturated polyester resin (UPR) market witnessed a strong upward trend in March xxxx, supported by rising feedstock costs, supply-side constraints, and improved downstream demand. The sharp UPR price rise reflects both sustained consumption from key industries and aggressive replenishment by regional buyers responding to supply uncertainties.

On the supply side, the UPR market was heavily influenced by volatility in upstream raw materials, particularly maleic anhydride (MA). In early March, MA prices surged sharply due to rising n-butane costs, which were driven by geopolitical conflicts impacting global energy markets. Supply disruptions and logistical bottlenecks further tightened availability, while some MA producers adopted a “reluctance to sell” approach, temporarily restricting shipments. Although prices showed slight correction mid-month, a renewed escalation in geopolitical tensions toward late March pushed n-butane prices higher again, leading to another upward movement in MA prices. By the end of March,...