The global melamine price trends reflected a consistent downward pattern in the final quarter of 2024, driven by soft demand from downstream sectors, stable production levels, and easing input costs across the Far East Asia market. Industrial-grade melamine, widely used in laminates, wood panels, adhesives, and molding compounds, witnessed significant year-on-year declines, underscoring the persistent challenges facing the chemical manufacturing sector.In October 2024, melamine prices averaged 950 USD/TON, down from 990 USD/TON in October 2023, marking a 4.0% YoY decline. While the October drop was modest compared to later months, it signaled the beginning of a quarter influenced by hesitant purchasing activity and high inventory levels among manufacturers. The downward trajectory intensified in November 2024, when prices fell from 1015 USD/TON to 910 USD/TON, a sharp 10.3% YoY reduction. This decline was driven largely by sluggish demand in the wood and furniture industries amid soft global macroeconomic conditions.
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By December 2024, melamine prices weakened further, declining to 875 USD/TON, compared to 1025 USD/TON in December 2023—representing a significant 14.6% YoY decrease. The December numbers highlight the broad-based pressure on melamine producers, particularly as buyers remained cautious, preferring to delay procurement or operate with minimal stock levels due to uncertain downstream consumption.
Several factors contributed to these persistent declines. Production plants across the region continued to operate at steady rates, maintaining ample supply despite muted demand. This created a supply-heavy environment that limited any upward momentum in pricing. Additionally, upstream urea costs remained relatively stable, providing little cost push to support melamine price recovery.
International trade flow also played a role, with smoother logistics and improved freight conditions compared to previous years. Lower transportation costs helped keep delivered prices competitive, further reinforcing the downward trend. At the same time, export demand remained lackluster, especially from key markets struggling with inflationary pressures and reduced industrial activity.
According to Expert Market Research, melamine prices in 2025 are expected to stay moderate, supported by gradually rising production costs and a cautious recovery in demand from the construction and furnishings sectors. While no major supply disruptions are anticipated, any significant revival in industrial activity or raw material cost inflation could shift market dynamics in the latter half of the year.
The Melamine Price Trends throughout 2024 highlight a market characterized by subdued demand and comfortable supply levels. As industry players look to 2025, the outlook suggests a more stable but still moderately priced market environment.