Maleic anhydride prices rose sharply through March before settling into a range by month end, signaling a transition from momentum to balance. Early buying supported a firmer tone among sellers, lifting spot interest mid-month, though easing energy costs and higher feedstock output prevented runaway gains. Activity cooled toward month-end as market participants weighed whether regulatory-driven cost increases or cheaper upstream energy would dictate direction. Demand remained selective: sellers sought premiums and spot liquidity was thin, with buyers requiring immediate volumes facing higher offers. Supply-side constraints included maintenance at a major producer that curtailed near-term availability, while feedstock dynamics offered a mixed backdrop: rising butane output and lower gas costs tempered upward pressure. Regulatory developments tightened the cost picture, with abatement obligations likely to drive higher capital expenditure and operating costs. Looking ahead, relative stability is anticipated, though prompt availability is expected to stay tight and upside potential remains limited absent material shifts in feedstock flows or regulatory costs.
