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SunSirs: Loose Supply & Weak Demond, China PC Market is not Strong in Mid September
September 19 2024 09:52:16SunSirs(Selena)

According to the bulk ranking data from SunSirs, during the Mid Autumn Festival, the domestic PC market was consolidating at a low level, and spot prices of various brands fluctuated narrowly. As of September 18th, the mixed benchmark price of SunSirs PC is around 16,166.67 RMB/ton, with a price increase or decrease of -0.31% compared to early September.

In terms of supply: Starting from early September, the overall operating rate of PC in China has increased, with the industry average operating rate rising by about 6% compared to the end of August by mid month, and the overall load falling narrowly by about 1% to 79% compared to the first ten days. At the Mid-Autumn Festival stage, although the spot price was at the low point within the year, the weekly output of the industry remained at an ultra-high level of more than 60,000 tons. The supply of goods on the market was abundant. In addition, the supply was further relaxed in September, and the producer's ex factory price was subject to narrow downward pressure. The scale of post holiday maintenance plans is average, and the deep mismatch between supply and demand is difficult to change. The market supply side has a serious drag on PC prices.

In terms of raw materials: It can be seen from the above chart that the price of bisphenol A in China was mainly adjusted in the first half of September. At present, the market for phenol and acetone, the direct raw materials of bisphenol A, is fluctuating, and the cost support is still stable. The limited changes in downstream production of the two main forces, coupled with the basic completion of pre holiday stocking operations and poor profitability of enterprises, have cooled down the consumption of bisphenol A. The future load of the bisphenol A industry is expected to return to excess, and there is an expectation of increased supply of goods. Overall, the support of bisphenol A for PC cost is stable but gradually weakening.

In terms of demand: The PC consumption pattern has not shown any improvement in the medium to long term, and the overall trend has been relatively weak compared to the previous period. However, with the traditional peak season of September already halfway through, the terminal consumption situation has not yet unfolded, and the purchasing logic mainly leans towards weak demand. The load recovery of downstream enterprises is not significant, and factories are taking goods to maintain production. The market has not responded well to the double festival stocking market, and buyers are strongly resistant to high priced goods, resulting in slow circulation of goods on site. Due to the delayed peak season consumption, it is difficult for the demand side to form strong support for spot prices.

The PC market is running at a low and weak level in mid September. The upstream bisphenol A market is stable with small fluctuations, while the support for PC costs is flat. Domestic aggregation plants have high loads and high supply. The current low point of PC prices has been explored, and the market has not rebounded due to the bottoming out of the year or the arrival of the "Golden September". On the contrary, downstream peak season consumption has not yet begun, and weak rigid demand stocking is difficult to drive the market. The flow of market goods is poor, and the mismatch between supply and demand is profound. SunSirs predicts that the PC market will not see a significant upward trend in the short to medium term in the future.

 

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