Commodity Chemical Update—Acetic Acid & VAM (May 2026)

Research evidence excerpt

Commodity Chemical Update—Acetic Acid & VAM (May 2026)

Equity Research

Industry Update — May 19, 2026

Chemicals

Commodity Chemical Update—Acetic Acid &

VAM (May 2026)

Acetic Acid and VAM Prices Increased in April

Our Call Michael Sison

Acetic acid and VAM prices increased across regions during April. Looking ahead, CMA Equity Analyst | Wells Fargo Securities, LLC

Michael.Sison@wellsfargo.com | 440-662-9664

expects prices will remain firm in the Western Hemisphere on supply constraints, while

Abigail J. Ebertsprices in Asia are expected to soften (lower feedstocks, derivative offtake).

Associate Equity Analyst | Wells Fargo Securities, LLC

Abigail.Eberts@wellsfargo.com | 332-877-5728

Acetic Acid Prices Increased M/M in April: CMA reported North American acetic acid

contract prices increased 15% M/M in April to $938/MT, while acetic acid prices in China

increased 34% M/M to $534/MT and prices in Europe increased 20% M/M to $1,462/

MT due to supply issues caused by the conflict in the Middle East and stable demand.

Looking ahead, CMA sees acetic acid prices remaining firm in the Western Hemisphere

but declining in Asia where supply is lengthening on lower derivative offtake.

Supply for Acetic Acid Remains Tight Amid the Conflict in the Middle East: Global

operating rates fell significantly M/M to the mid-70's in April vs. the mid-80's in March as

output dropped across the US, Middle East, NE Asia, and SE Asia. LYB's La Porte facility

continued to face issues through April and into May on syngas/CO supply issues and CE

remained under supply control. Demand overall remained stable in April, but at low levels.

The market in Europe improved seasonally.

VAM Prices Increased M/M in April: CMA reported North American VAM prices increased