1. Capacity Utilization:
In the first 1-5 months, the MMA capacity utilization rate was relatively low, at around 48%.

Since the beginning of 2024, the MMA price in the East China region has increased by 28% year-on-year.

The primary driver behind the improved profitability is this significant price increase. The MMA price has been running at unexpectedly high levels, especially since late March 2024.

From March 28th to May 7th, the cumulative price increase reached 3,550 RMB/ton.

The price surge is attributed to a combination of favorable supply-side factors and strong export orders.

Particularly in March-April 2024, the export volume of methyl methacrylate ester remained consistently high.

2. Exports:
In the first 1-4 months, the export volume of methyl methacrylate ester was 81,400 tons, a year-on-year increase of 72.49%.

From January to May 20, 2024, the average cost of the ACH and C4 processes was 10,862 CNY/ton and 12,946 CNY/ton respectively, representing year-over-year increases of 8.84% and 4.22%. The changes were relatively limited, indicating that the cost impact on profitability was quite small.
 

3. Profitability:
As of May 20th, 2024, the average gross profit levels for the ACH method and the C4 method were 3,088 RMB/ton and 1,004 RMB/ton, respectively, representing year-on-year increases of 824.55% and 188.23%.

From January to May 21, 2024, the average gross profit for the ACH and C4 processes was 3,088 CNY/ton and 1,004 CNY/ton respectively, representing year-over-year increases of 824.55% and 188.22%. The surge in profits was driven by rising MMA prices, while the difference in profitability between the two processes stemmed from their varying production costs.