According to data from SunSirs' "Spot Connect" service, the domestic PC (polycarbonate) market experienced high-level fluctuations during the first half of April, with spot prices for certain grades generally trending downward. As of April 15, the SunSirs composite benchmark price for PC stood at approximately 16,533.33 RMB/ton—a decline of 0.10% compared to the beginning of the month.
Supply Side: Since the start of April, domestic PC polymerization plants have seen a mix of restarts and scheduled maintenance shutdowns. Earlier in the period, operating rates at Zhejiang Petrochemical rose, while a single production line at Luxi Petrochemical underwent a temporary shutdown. Overall operating loads within this period initially dipped before rebounding, with the average operating rate returning to around 87%. Current weekly average production stands at 70,000 tons. Although current operating loads remain relatively high, there are still scheduled maintenance plans pending execution—such as those at Keenchuang and Zhangzhou Chi Mei—suggesting that there remains room for supply to tighten in the near future. On balance, supply-side factors are providing only moderate support to the PC market.
Raw Materials: As illustrated in the chart above, the domestic Bisphenol A (BPA) market trended downward throughout the first half of April. Impacted by a sharp slump in international crude oil prices, the markets for phenol and acetone stalled and underwent consolidation. This subsequently exerted downward pressure on the price center of domestic BPA. Concurrently, while changes in BPA supply remained limited, demand softened; consequently, traders became more eager to offload inventory, adopting a sales strategy that prioritized securing orders by offering price concessions. Overall, cost-side support for PC has weakened.
Demand Side: End-user enterprises have seen only limited improvements in profitability, and operating loads at downstream PC processing plants remain at ordinary levels. With current PC prices hovering near a three-year high, buyers are exercising caution in their stockpiling efforts and show little inclination to build new inventory positions. A strong "wait-and-see" sentiment prevails in the market, resulting in reduced liquidity and slower circulation of goods. The speculative "bullish" atmosphere that previously characterized the PC market has largely dissipated due to crude oil price volatility; traders' market sentiment has now turned bearish, and their price quotes are largely tracking current market trends. In summary, demand-side factors are providing weak support to PC spot prices.
During the first half of April, the domestic PC market experienced high-level fluctuations. Upstream BPA prices trended downward, exerting downward pressure on PC costs. Operating loads at domestic PC polymerization plants remained largely stable—albeit at generally high levels—suggesting limited potential for any significant tightening of supply in the immediate future. Market trading activity was subdued and driven primarily by rigid, essential demand; buyers remained cautious, adopting a "buy-as-needed" approach, and transactions consisted predominantly of small-volume orders. In the short term, the PC market is expected to remain under pressure from a severe downturn in the upstream supply chain, potentially leaving further room for downward adjustment.
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