For the Quarter Ending September 2025
North America
• In the USA, the Melamine Price Index fell by 1.25% quarter-over-quarter, reflecting weak downstream demand.
• The average Melamine price for the quarter was approximately USD 1658/MT.
• Melamine Spot Price remained pressured by subdued construction buying and ample domestic inventories limiting movement.
• Melamine Production Cost Trend showed minimal pressure as feedstock urea remained subdued.
• Melamine Demand Outlook remains weak as housing and nonresidential construction activity continues to underperform materially.
• Melamine Price Forecast indicates rangebound movement with occasional Gulf Coast disruption driven short-term spikes seasonally.
• Melamine Price Index was influenced by high inventories, muted exports, and cautious distributor procurement strategies.
• Domestic producers operated at steady rates, limiting supply shocks while traders offered discounts amid oversupplies.
Why did the price of Melamine change in September 2025 in North America?
• Sustained construction slowdown reduced downstream offtake, directly lowering quarterly demand for melamine products in markets.
• Soft feedstock urea and stable natural gas curbed production costs, reducing incentive for melamine offers.
• Cautious procurement, high inventories, and weak export orders amplified downside pressure on spot melamine prices.
APAC
• In South Korea, the Melamine Price Index rose by 1.0% quarter-over-quarter, constrained by weak downstream demand.
• The average Melamine price for the quarter was approximately USD 839.33/MT and reflected flat FOB Busan offers amid subdued demand.
• Melamine Spot Price remained range-bound amid elevated inventories and cautious buyer behavior across regional markets.
• Melamine Price Forecast shows modest volatility ahead with limited upside due to Asian oversupply concerns.
• Melamine Production Cost Trend was muted as low feedstock urea prices offered minimal upward pressure recently.
• Melamine Demand Outlook weak as construction and panel sectors operate at low rates, limiting procurement.
• Melamine Price Index movements reflected restarts at regional plants and competitive pressures in export logistics.
• Market participants maintained defensive selling, with traders avoiding forward cover amid uncertain seasonal demand recovery.
Why did the price of Melamine change in September 2025 in APAC?
• Regional supply increased as several Asian units resumed operations, intensifying available melamine volumes and inventories.
• Weak downstream demand from construction and wood-panel segments reduced buying, pressuring spot and contract negotiation momentum.
• Feedstock urea prices fell, limiting production cost support while logistics remained functional, keeping exports subdued.
Europe
• In Germany, the Melamine Price Index fell by 4.03% quarter-over-quarter, reflecting weak demand and inventories.
• The average Melamine price for the quarter was approximately USD 1379.67/MT, reflecting subdued trading volumes.
• Melamine Spot Price remained muted while the Price Index tracked sideways amid persistent port congestion.
• Melamine Price Forecast suggests modest September restocking gains, but oversupply and weak construction cap upside.
• Melamine Production Cost Trend noted limited pressure due to soft urea prices.
• Melamine Demand Outlook remains weak with laminate, board sectors delaying purchases amid contracting construction activity.
• Melamine Price Index weakness reflected rising inventories, sluggish export interest, and logistics bottlenecks limiting shipments.
• Operational restarts and regional flows briefly pressured spot offers despite buyers deferring longer-term procurement decisions.
Why did the price of Melamine change in September 2025 in Europe?
• Regional restarts and elevated inventories increased supply, exerting downward pressure despite limited cost headwinds overall.
• Weak construction-linked demand curtailed offtake from laminates and boards, keeping buyers' procurement highly conservative thus.
• Port congestion and export disruptions increased on-site stocks, delayed shipments, amplifying oversupply and price pressure.
South America
• In Brazil, the Melamine Price Index fell by 12.9% quarter-over-quarter, reflecting oversupply and weak demand.
• The average Melamine price for the quarter was approximately USD 825.67/MT, reflecting muted buying patterns.
• Melamine Spot Price showed intermittent firmness mid-September, supported by localized panel upticks and limited availability.
• Melamine Price Forecast suggests near-term stability, limited upside because Asian exporters maintain persistently competitive offers.
• Melamine Production Cost Trend softened as weak urea feedstock prices in China reduced CFR support.
• Melamine Demand Outlook remains weak as construction slows, panel operating rates depressed and procurement cautious.
• Melamine Price Index movements reflected steady import flows, minor logistics delays, and domestic inventory accumulation.
• Major Asian producer restarts increased exportable volumes, pressuring CFR offers and encouraging competitive pricing regionally.
Why did the price of Melamine change in September 2025 in South America?
• Sustained Asian import volumes exceeded local demand, creating oversupply and compelling downward pricing adjustments immediately.
• Weak downstream activity in panels and coatings curtailed offtake despite some feedstock cost easing internationally.
• Port congestion slightly affected timings, yet exporters used inventories to sustain discounted CFR offers consistently.
For the Quarter Ending June 2025
North America
• The Melamine Price Index in the US stayed largely stable in Q2 2025, with flat pricing in April, a slight lift in late May, and modest gains in June, supported by firming urea feedstock costs and restocking ahead of a July price hike by Cornerstone Chemical.
• April stability reflected sufficient domestic inventories and steady production, as weak demand from laminates, coatings, and molding compounds tied to a soft construction sector offset any upward momentum.
• May saw minimal price movement until late in the month, when buyers advanced purchases to secure volumes ahead of announced July increases, though downstream consumption stayed weak as housing starts and completions fell.
• June’s modest price uptick was driven by firm urea costs and continued restocking, but persistent construction sector weakness, soft overseas orders, and subdued laminates and coatings demand kept overall market sentiment cautious.
Why did the price of Melamine remain stable in July 2025 in North America?
• In July, the Melamine Price Index in North America remained flat as muted demand from laminates, engineered wood, and coatings industries coincided with weak cost support from feedstock urea.
• The Melamine Production Cost Trend stayed soft, with low urea prices enabling producers to keep offers competitive despite steady operating rates and sufficient inventory.
• The Melamine Price Forecast points to continued subdued pricing into August, as construction-linked demand stays weak, with buyers expected to restrict procurement to contractual volumes while relying on existing stock.
APAC
• The Melamine Price Index in China trended lower in Q2 2025, with prices staying steady in April and May but declining in June as weak urea feedstock costs, sluggish demand, and high inventories weighed on the market.
• April stability was supported by reduced plant operating rates, but muted downstream laminates, coatings, and construction demand prevented any meaningful price recovery despite port congestion at Qingdao.
• Prices held flat in May as production normalized and urea availability surged, lowering costs, while extended holidays in China and Japan slowed trading and kept buying activity muted.
• June declines were driven by oversupplied urea markets, weak real estate-linked consumption, and subdued export demand, prompting buyers to limit procurement to small, immediate needs.
Why did the price of Melamine remain stable in July 2025 in Asia?
• In July, the Melamine Price Index in Asia stayed flat at low levels as persistent oversupply, elevated inventories, and sluggish downstream demand kept sentiment subdued.
• The Melamine Production Cost Trend offered little support, with feedstock urea prices under pressure due to oversupply and weak buying interest, enabling producers to maintain low offers despite rising output.
• The Melamine Price Forecast suggests continued bearish pressure into August, with seasonal construction slowdowns in importing countries like India and new capacity additions in China expected to keep spot activity thin and prices under pressure.
Europe
• The Melamine Price Index in Germany trended lower through most of Q2 2025, with persistent price declines in April and May before a marginal rise in June, as soft demand from laminates, boards, and coatings and high inventories weighed on sentiment.
• April and May saw continued weakness as feedstock urea costs softened, LAT Nitrogen’s Piesteritz plant stayed offline, and construction-linked chemical demand in the Eurozone remained under pressure, despite seasonal expectations.
• June posted a slight price uptick, supported by firmer urea costs and reduced availability from maintenance at Grupa Azoty (Poland) and LAT Nitrogen Austria, though gains were capped by muted offtake and ongoing port and rail disruptions at Hamburg.
• Buyers avoided forward purchasing throughout the quarter, relying on contractual volumes and limited spot trades, as economic uncertainty, logistics bottlenecks, and the Eurozone’s construction downturn kept overall market fundamentals subdued.
Why did the price of Melamine remain stable in July 2025 in Europe?
• In July, the Melamine Price Index across Europe stayed flat at low levels as steady production and soft feedstock urea costs coincided with persistently weak downstream demand from laminates, engineered wood, and coatings sectors.
• The Melamine Production Cost Trend remained neutral, with stable urea prices and abundant upstream availability enabling producers to maintain competitive offers despite rising inventory pressure.
• The Melamine Price Forecast points to continued market softness into August, with eurozone construction activity remaining subdued and buyers expected to limit procurement to essential and contractual needs.
South America
• The Melamine Price Index in Brazil trended steadily downward in Q2 2025, with prices holding flat in early April but declining consistently through May and June as oversupply from Asian exporters, weak urea costs, and muted downstream demand pressured sentiment.
• April stability reflected balanced import flows and sufficient inventories, but sluggish laminates, coatings, and construction-linked demand, alongside falling freight rates, prevented any price support despite maintenance at overseas plants.
• Prices slipped further through May as urea prices weakened, supply from Asia normalized post-holidays, and buyers limited procurement to immediate needs while avoiding bulk restocking amid bearish market fundamentals.
• June’s steeper declines were driven by aggressive export offers, surplus inventories, slow project starts in Brazil’s construction sector, and limited downstream resin, coating, and board consumption, prompting most buyers to maintain a wait-and-see stance.
Why did the price of Melamine remain stable in July 2025 in South America?
• In July, the Melamine Price Index in Brazil stayed flat as discounted offers from Asian exporters, especially China, met subdued domestic demand from laminates, engineered wood, and coatings sectors.
• The Melamine Production Cost Trend remained soft, with weak urea prices in China lowering export costs, enabling suppliers to sustain competitive pricing despite temporary port delays at Qingdao.
• The Melamine Price Forecast signals continued bearish pressure into August, as sluggish construction-driven consumption, high interest rates, and cautious procurement keep spot market activity muted despite steady inbound flows.
For the Quarter Ending March 2025
North America
Throughout Q1 2025, the melamine market in North America exhibited a mixed trend. January saw stable prices as weak downstream demand and ample inventories kept the market subdued despite seasonal cold weather and modest gains in urea costs. Project delays across the construction sector and holiday season inactivity further restrained trading. In February, prices rose slightly as upstream urea costs increased, and non-residential construction lent some support to laminate and coatings demand. While residential activity remained soft, a gradual uptick in order volumes and improved business sentiment led to modest procurement.
By March, melamine prices edged higher again, driven by seasonal urea demand and improving downstream offtake in laminates, coatings, and molding compounds. U.S. manufacturing activity showed signs of recovery, supporting steady production.
Although long-term construction outlook remained cautious due to declining permits and completions, housing starts and employment data provided short-term momentum. Overall, higher input costs and gradual demand recovery contributed to the firming price trend toward quarter-end. Melamine prices in the U.S. closed Q1 2025 at USD 1,793/MT FOB Texas.
APAC
Throughout Q1 2025, the melamine market in APAC followed a mixed trend. In January, prices declined slightly due to weak feedstock urea costs, subdued downstream demand from laminates and coatings, and cold weather disruptions that stalled construction activities. Export volumes also declined sharply as purchasing interest from key regions like India and Vietnam weakened. Despite increased production capacity from new facilities, manufacturers-controlled output to manage high inventories and stabilize prices. In February, prices edged higher, supported by stronger urea costs amid rising spring farming demand. However, holiday-related shutdowns and limited export activity kept market momentum muted. By March, prices increased further due to ongoing supply-side constraints, including planned maintenance at key production facilities. Although demand remained moderate, with some improvement in downstream industries, sluggish real estate activity and cautious export procurement kept gains limited. With rising input costs and controlled production, the melamine market showed signs of strengthening, though the broader sentiment remained cautious. Melamine prices in China closed Q1 2025 at USD 808/MT FOB Qingdao.
Europe
Throughout Q1 2025, the melamine market in Europe followed a mixed trajectory. January saw prices edge down due to weak demand from downstream laminates and coatings, combined with holiday season slowdowns and rising competition from low-cost Asian imports. Construction-related activity remained minimal amid cold weather and delayed projects, further reducing melamine consumption. In February, prices rose slightly, supported by firmer urea costs and modest restocking; however, the uptrend was limited as demand stayed sluggish, especially in the coating and laminate sectors. Germany’s manufacturing output remained under pressure, while ongoing geopolitical and tariff-related uncertainties suppressed export confidence. By March, melamine prices resumed their decline amid continued demand weakness and stable feedstock costs. Construction and civil engineering sectors remained subdued across the eurozone, and poor industrial sentiment hindered any large-scale procurement. Port congestion in Hamburg, coupled with export delays, added logistical strain without stimulating trade activity. Overall, oversupply, high energy costs, and soft downstream demand defined a challenging market landscape. Melamine prices in Germany closed Q1 2025 at USD 1,550/MT FOB Hamburg.
For the Quarter Ending December 2024
North America
In Q4 2024, the North American melamine market experienced a mixed trend. October saw rising prices driven by tight supply due to Tropical Storm Francine disruptions, low inventories, and strong downstream demand from the recovering U.S. construction sector. Rising feedstock urea prices, influenced by geopolitical tensions, further contributed to the upward pressure. By mid-October, prices increased further due to stronger urea and natural gas costs and robust downstream procurement.
In November, prices slightly increased after previous gains, attributed to steady downstream procurement despite improved supply and reduced urea prices. Sufficient inventories and cautious market sentiment moderated price movement. Growth in the construction sector supported demand, though other applications saw subdued activity.
In December, prices remained stable, gradually softening due to improved domestic supply and competitive APAC pricing. Subdued downstream demand, particularly from the construction sector impacted by rising mortgage rates, hurricane disruptions, and severe winter weather, influenced market sentiment. Manufacturers focused on destocking, and the holiday season further muted activity. Ending the quarter, the price for melamine in USA was recorded at USD 1,776/MT FOB Texas.
APAC
In Q4 2024, the APAC melamine market experienced significant volatility. October saw prices decline due to weakened Asian market conditions, contracted demand, oversupply, and lower urea feedstock costs, worsened by China's struggling construction sector. In November, prices surged due to low inventory levels before experiencing a decline amid persistent oversupply and sluggish downstream demand, despite increased production capacity. This surge was short-lived as market fundamentals reasserted themselves.
December saw further price declines due to weak urea support, muted downstream demand like coating, laminate etc driven by a continued construction slowdown, and cautious purchasing strategies among buyers. Overcapacity continued to weigh heavily on the market, limiting any upward price movement. These factors combined to create a bearish sentiment as the quarter drew to a close. Ending the quarter, the price for melamine in China was recorded at USD 803/MT FOB Qingdao. In Q4 2024, the APAC melamine market saw a volatile trend, with initial declines in October, a surge then slight decline in November, and further declines in December.
Europe
In Q3 2024, the European melamine market saw an increasing price trend in October, driven by persistent tight supply and rising costs. Robust demand from downstream sectors like laminates and coatings, coupled with strengthened cost support from rising urea prices due to geopolitical tensions, contributed to the upward pressure. Market supply remained constrained while demand outpaced available inventories. In November, the market trend became stable. Prices remained steady due to robust cost support from feedstock urea and improved supply conditions following the resumption of operations at a key melamine plant like LAT Nitrogen's resumption of operations at its Linz melamine plant. Balanced market fundamentals, supported by sufficient inventories and stable procurement, contributed to this stability. However, potential global price impacts from new production capacity in APAC were noted. In December, the market experienced a declining trend. Prices softened due to improved domestic supply, competitive pricing from APAC nations, and weakened demand from the struggling German construction sector. Manufacturers focused on destocking efforts, and the holiday season further muted market activity. Ending the quarter, the price for melamine in Germany was recorded at USD 1,641/MT FOB Hamburg.
