According to data from SunSirs' "Spot Connect" service, the domestic PC market experienced narrow fluctuations in mid-May, with spot prices for various grades showing mixed trends—some rising, others falling. As of May 20, the SunSirs composite benchmark price for PC stood at approximately 16,366.67 RMB/ton, representing a 0.20% increase compared to the beginning of the month.
Supply Side: In mid-May, operating rates at domestic PC polymerization plants continued to decline. Turnaround and maintenance plans—such as those at Shanghai Mitsubishi and Zhejiang Petrochemical—were gradually implemented; consequently, the industry operating load dropped by 7% to approximately 67%, hitting a new low for the year. Production losses continued to widen, with the current weekly average output falling below 60,000 tons. With polymerization plants facing minimal pressure to clear inventory, their willingness to hold firm on pricing remained strong. Overall, the supply side continued to provide strengthening support to the PC market.
Raw Materials: As illustrated in the chart above, the domestic Bisphenol A (BPA) market also experienced fluctuations entering mid-May. Although international crude oil prices rebounded following a decline, the upward momentum failed to transmit effectively downstream; consequently, price increases for acetone and phenol remained very limited, offering only marginal support to domestic BPA prices. Furthermore, while changes in BPA supply were negligible, demand continued to soften. Suppliers became more proactive in clearing inventory, adopting a strategy of offering price concessions to secure orders. Within this period, BPA prices initially held steady before trending downward; overall, the cost-side support for PC pricing weakened.
Demand Side: Sales for downstream PC manufacturers gradually entered the traditional "off-season," with demand for products such as PC sheets and electronic casings beginning to soften. Consequently, operating loads at end-user enterprises remained at low levels. With current PC prices remaining at elevated levels, buyers have adopted a cautious approach toward restocking. Willingness to build inventory remains low, and a strong "wait-and-see" sentiment prevails across the market. The flow of goods has slowed, and supplier confidence has waned; consequently, suppliers are adjusting their quotes in real-time to align with market conditions, with an increasing number of transactions being closed through price concessions. The presence of lower-priced inventory within the market—which remains to be fully absorbed—is exerting downward pressure on the pricing center of polymerization plants. Overall, the demand side currently offers weak support to spot PC prices.
Market Outlook: In mid-May, the domestic PC market maintained a high-level consolidation trend. Upstream BPA prices underwent a weak correction, providing only moderate cost-side support to the PC market. Meanwhile, operating loads at domestic PC polymerization plants continued to experience slight declines. On-site trading remains sluggish, driven primarily by immediate, essential demand; buyers maintain a cautious stance, purchasing only on an as-needed basis, and transactions consist predominantly of small-volume orders. Currently, both supply and demand for PC resins are weak, and market direction remains unclear; consequently, the market is expected to continue in a consolidation phase in the short term.
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