According to the bulk ranking data from SunSirs, the domestic PC market was consolidating in the first half of September and rising in the second half. The spot prices of most brands have been raised. As of September 30th, the mixed benchmark price of SunSirs PC is around 14,466.67 RMB/ton, with a price increase or decrease of 1.52% compared to early September.

In terms of supply: During the September period, domestic PC aggregation enterprises experienced narrow fluctuations in load. During the month, Wanhua Chemical underwent routine periodic inspections and restarts, while Lihua Yiweiyuan and Zhejiang Petrochemical completed maintenance. The industry's operating rate at the end of the month was about 81%, with limited changes compared to the beginning of the month. The average weekly output is about 68,000 tons, and the on-site supply is sufficient. In terms of inventory, there is a high-level stalemate, and the pattern of abundant PC supply remains unchanged. However, many aggregation plants have released information on their maintenance arrangements for the fourth quarter, which has led to a significant decrease in future supply and boosted the end of month spot prices. Overall, the weak reality and strong expectations on the PC supply side have raised support for PC at a low level.

In terms of raw materials: As can be seen from the above chart, bisphenol A saw a significant increase in the first half of September due to the digestion of enterprise inventory and the improvement of the loose supply pattern. With the recovery of supply, the mentality of operators has loosened. After the upstream phenol and acetone both rose and then retreated, the boost to the bisphenol A market narrowed. Multiple factors caused the spot price of bisphenol A to fluctuate in the middle of the month and fall at a high level in the late month. In addition, there was no significant increase in pre holiday market trading, and the market may continue to experience a pullback in the future, while the support effect on PC costs will weaken.

On the demand side: September is during the traditional peak season for PC, but the downstream factories of the "Golden Nine" this year have not had ideal loads, and the stocking level remains at a weak rigid demand level. The trend of building warehouses in advance before the holiday has not yet started, resulting in a situation of "not prosperous during peak season". However, the remote maintenance signal at the end of the month stimulated a small increase in the midstream, but the market trading activity before the holiday was still limited, and many merchants saw cash inflows from accompanying shipments. Due to the long-term weak market dynamics in the industry, high social inventory, and abundant on-site supply, the price increase of aggregation plants is under pressure and limited. Foreign trade orders are also weak, and terminal enterprises are resistant to high priced sources of goods. After the demand for filling vacancies in the future is met, it is expected that the flow of goods in the market will slow down again. Overall, the demand side has weak support for PC spot prices.

The domestic PC market rose after a sideways trend in September. The upstream bisphenol A market rose and then fell back, and the cost value supported PC first increased and then loosened. The load of domestic PC aggregation plants remains stable with small fluctuations, and the pattern of strong supply remains unchanged. Stimulated by favorable long-term maintenance, PC spot prices rose at a low level. However, the pre holiday stocking heat is not good, and it is expected that the PC market will have limited gains in the short term.

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