According to data from SunSirs, the domestic PC market trended downward throughout June, with significant price drops across various grades. As of June 30, the benchmark price for PC (mixed grades) stood at approximately 12,966.67 RMB/ton, marking a 19.13% decline from the beginning of the month.
Supply side: Operating rates among domestic PC polymerization plants continued to rise in June. Units at Shanghai Mitsubishi and Pingmei Shenma gradually restarted; although Sichuan Tianhua entered maintenance in the latter half of the month, the industry's overall operating rate recovered to around 75% from the start of the month, with further capacity ramp-ups planned. Production losses narrowed, and average weekly output returned to the 60,000-ton level. However, shipment flow was sluggish, prompting companies to lower their pricing. Overall, the supply side provided little support for PC prices.
Raw materials: As shown in the chart above, the domestic Bisphenol A (BPA) market consolidated at low levels in June. International crude oil prices plummeted, causing raw materials—acetone and phenol—to fall in tandem. Market sentiment regarding BPA was bearish; supply remained relatively stable, and demand was limited to weak, essential needs. Although spot prices hit periodic lows following early-month declines, a lack of positive market signals meant overall cost support for PC remained weak.
Demand side: Sales at downstream PC factories reflected off-season levels; demand for products such as sheets and casings softened, and operating rates at end-user enterprises remained low. With PC prices falling rapidly, market participants adopted a "wait-and-see" attitude, avoiding buying into rising prices or panic-selling. Buyers were cautious about stocking up and showed little interest in building inventory. Liquidity slowed, with traders adjusting quotes to market trends and offering price concessions at month-end to meet sales targets. A backlog of low-priced stock weighed on the market, dragging down the pricing levels set by polymerization plants. Overall, demand provided insufficient support for PC spot prices.
The domestic PC market suffered a sharp decline in June. Upstream BPA prices remained stable at low levels with a bearish outlook, failing to provide cost support for PC. Operating rates at domestic PC polymerization plants continued to rise, with expectations of further supply increases in the future. Trading activity in the market is subdued, driven primarily by essential demand; stocking-up is cautious, and transactions mostly involve small orders. Currently, the PC market faces rising supply and weak demand, alongside expectations of softening costs. Market sentiment leans negative, suggesting a continued risk of price declines in the short term.
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