According to data from SunSirs' "Spot Connect" service, since mid-April, the domestic PC (polycarbonate) market has experienced a downturn from its recent highs, with spot prices for most grades generally trending downward. As of April 2, the SunSirs composite benchmark price for PC stood at approximately 16,133.33 RMB/ton—a decline of 2.52% compared to the beginning of the month.
Supply Side: Since the start of April, domestic PC polymerization plants have seen a relatively concentrated period of scheduled maintenance. The previously announced maintenance at Coen-Chem has been carried out, while Luxi Petrochemical has temporarily idled one production line, and Zhangzhou Chi Mei is currently undertaking technical upgrade tasks. However, viewed in aggregate, production loads within this period have decreased by only 7%; with the current average operating rate hovering around 80%, the actual reduction in supply volume remains limited. Currently, the weekly average output stands at less than 70,000 tons. With little room for further supply contraction in the near term, the supply side is expected to continue providing reasonably solid support to the PC market.
Raw Materials: As illustrated in the chart above, the domestic Bisphenol A (BPA) market has been on a gradual downward trajectory since early April. Impacted by a sharp slump in international crude oil prices, the markets for phenol and acetone have stalled and begun to decline. This, in turn, has dragged down the overall price center of the domestic BPA market. Concurrently, while changes in BPA supply remain limited, demand has softened; consequently, traders are keen to offload inventory and are increasingly inclined to offer price concessions to secure sales. Overall, the cost-side support for PC prices has weakened.
Demand Side: End-user enterprises have yet to see any improvement in profitability, and operating rates at downstream PC processing plants remain at relatively low levels. Although PC prices have retreated from their recent peaks, they still sit within a range representing a three-year high. Buyers have reverted to a cautious stance regarding inventory stocking, showing little enthusiasm for establishing new positions. A strong "wait-and-see" atmosphere pervades the market, resulting in reduced liquidity and slower circulation of goods. The speculative "buy-to-boost" sentiment that previously characterized the PC market has largely cooled; traders' confidence has waned, and they are now adjusting their price quotes in real-time to align with market conditions, with an increasing number of sellers offering price concessions to facilitate sales. In summary, demand-side factors currently provide weak support for PC spot prices.
As the market enters late April, the domestic PC market is expected to continue its downward trend from recent highs. Upstream BPA prices are projected to soften further, exerting continued downward pressure on PC production costs. Meanwhile, domestic PC polymerization plants may see slight reductions in operating loads, meaning the supply side will offer only limited positive support to the market. Trading activity remains sluggish and driven primarily by immediate, rigid demand; buyers remain cautious, adopting a "buy-as-needed" strategy, and most transactions consist of small-volume orders. In the short term, the PC market is expected to remain under pressure from a downturn in the upstream supply chain, potentially leaving further room for downward adjustment.
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