Huizheng Information, according to the monitoring of the Maihuasu Research Institute, the powder coating procurement cost index in May 2025 will be 92%, down 16 percentage points month-on-month and 18 percentage points year-on-year. From the perspective of representative products, the prices of PTA, IPA and epichlorohydrin rose slightly, while the prices of isobutyraldehyde, neopentyl glycol, TMA, bisphenol A and other products generally fell, among which the prices of isobutyraldehyde, neopentyl glycol and TMA, the raw materials of polyester resin for powder coatings, fell sharply, pulling down the index value.

Triphthalic anhydride: The average price of TMA in China in May was ￥26,111/ton, down 35.79% month-on-month and 35.37% year-on-year.

In May, the market price of trimellitic anhydride in China fell off a cliff, approaching the cost line. In late May 2025, the mainstream price of trimellitic anhydride (TMA) in China has fallen to ￥22,000 /ton, a decrease of 50% from the high level at the beginning of the year, and approaching the industry average cost line of ￥11,000-12,000 /ton. In the first quarter of 2025, the price of TMA has shown weakness, falling to ￥36,000/ton in April, accelerating the decline in the second quarter, and the price in June has halved compared with the beginning of the year. At present, the mainstream price of TMA in East China has further dropped to ￥20,000-22,000 /ton.

Isobutyraldehyde: The average price of isobutyraldehyde in China in May was ￥6022/ton, down 8.62% month-on-month and 25.19% year-on-year.

In May, the domestic isobutyraldehyde market bottomed out, the production and sales pressure of the factory increased, and the price of isobutyraldehyde fell further, falling below ￥6,000 in the middle of the year to refresh the low point of the year. The demand for downstream alcohol esters and neopentyl glycol is poor, and the maintenance of Wanhua Chemical and the shutdown of Huachang Chemical have sharply reduced the purchase volume of isobutyraldehyde, and some isobutyraldehyde enterprises have switched to the production of isobutanol. Up to now, domestic isobutyraldehyde has fallen to ￥5950-6000/ton.

Neopentyl glycol: The average price of neopentyl glycol in China in May was ￥9,861 /ton, down 16.13% month-on-month and 1.19% year-on-year.

At present, the price of neopentyl glycol has fallen from the high point of the year to near the cost line. In mid to early May, the third phase of Binzhou Zhanhua Yukai new material equipment was officially put into operation, resulting in a sharp increase in market supply. The price of raw material isobutyraldehyde showed a cliff-like decline, and the lowest price in May was ￥5,800/ton, down 15% from the high point in April. Up to now, domestic neopentyl glycol has fallen to￥ 8700-9000/ton.

PTA: The average price of PTA in China in May was ￥4,853 /ton, up 9.47% month-on-month and down 16.37% year-on-year.

In May, the market price of PTA rose first and then declined. On the supply side, a number of PTA units were overhauled, the operating rate declined, and the market supply shrank. Market prices rose to their monthly peak in the first half of the month. In the second half of the year, the sharp rise in PTA prices led to the aggravation of polyester losses, and the news of polyester production cuts affected market sentiment, and the price shock of PTA market weakened. The new PTA plant Shenghong's new production capacity of 2.5 million tons is planned to be put into operation in June, and the domestic PTA market price will be under pressure in June.

Epoxy resin: The average price of epoxy resin (E-12) in China in May was ￥12,825 /ton, down 0.34% month-on-month and up 0.59% year-on-year.

In May, domestic epoxy resin fluctuated in a narrow range, raw material BPA and ECH rose and fell, epoxy resin cost side adjusted in a narrow range, and downstream demand for other coatings, electronics and other fields was poor in addition to the support of wind power orders. On the whole, the negative pressure on the fundamentals of epoxy resin has increased, coupled with the weak downstream demand, the upstream raw materials of the industrial chain have fluctuated and declined, and the price of epoxy resin has weakened in a narrow range. In June, the epoxy resin market faced a double suppression of cost and demand, and it is expected to be weaker.

Prices of other key raw materials:

TGIC: The average price of TGIC in China in May was ￥25,500/ton, down 2.48% month-on-month.

Epichlorohydrin: The average price of epichlorohydrin in China in May was ￥9,429 /ton, up 1.6% month-on-month.

Bisphenol A: The average price of bisphenol A in China in May was￥ 8,880 /ton, down 2.69% month-on-month.

IPA: The average price of IPA in China in May was ￥8,036 /ton, up 0.63% month-on-month.

Titanium dioxide: The average price of titanium dioxide (rutile) in China in May was￥ 14,464 /ton, down 2.91% month-on-month.

Butyl acrylate: The average price of butyl acrylate in China in May was ￥8181/ton, down 3.45% month-on-month.

Styrene: The average price of styrene in China in May was ￥7,690/ton, up 2% month-on-month.