Production and Sales Pressure Eases; PC Prices Stabilize for Late November

November 25th, according to reports

Price Trend

According to the bulk commodity list data, by the end of November, the PC market in China was mainly consolidating. The spot prices for most grades showed a mixed trend of increases and decreases. As of November 25th, the benchmark price for PC blends was around 13,766.67 CNY/ton, with a price change rate of -2.82% compared to early November.

Reason Analysis

Supply Side: At the beginning of the month, the operating rates of China's PC polymerization enterprises were not high. In the middle of the month, Zhejiang Petrochemical's maintenance covered multiple production lines, and Luxi Chemical also had some production lines shut down. The industry's operating rate was stable at around 77%, with weekly average production close to 65,000 tons. It is expected that next week, Pingmei Shenma will restart and Lihuayi's regular grade material will resume supply, leading to an expectation of increased supply. However, current inventory levels, after previous digestion, are relatively manageable, and the pressure on production and sales within the market is acceptable. Overall, the PC supply side is expected to have a stable impact on PC support.

Raw Materials Perspective: As shown in the chart above, Bisphenol A prices rebounded from their late-November lows. Meanwhile, upstream phenol and acetone prices have fluctuated—showing both volatility and a slight downward trend—making it difficult to view this as positive news for the BPA market. However, recent factory inventories remain manageable, and with spot prices previously dropping to historically low levels, companies and traders have increasingly adopted price-support strategies, helping the market stabilize and eventually stage a recovery. On the other hand, demand for BPA has yet to improve, with limited shifts in actual transaction volumes recently. As a result, BPA prices are expected to remain stable in the near term, providing only moderate support for PC costs.

Demand Side: Downstream factories continue to operate at less-than-ideal capacity levels, with traders maintaining a strategy of buying on dips amid weak, rigid demand. Customs data shows a slight decline in export markets, while PC terminal companies are adopting a conservative production schedule. Throughout the period, market players have largely been reacting passively to prevailing price trends, with industry participants remaining cautiously optimistic or waiting for clearer signals. After initial restocking needs were met, trading activity has returned to a subdued pace, and the flow of goods has once again slowed down. Overall, demand remains only marginally supportive of PC spot prices.

Future Market Forecast

At the end of November, the Chinese PC market was in a stalemate. The upstream bisphenol A prices have stopped falling and are recovering, alleviating the cost pressure on PC. The operating rates of Chinese PC polymerization plants remained largely stable with slight adjustments, and there is an expectation of a rebound in the future. The market trading situation remains weak, with a balance between bullish and bearish factors. It is expected that the PC market will continue to be in a stalemate in the short term.