Business Society: Bisphenol A Market Down in April; Future Outlook Hard to Be Optimistic

April 29 News

In April 2026, the Chinese bisphenol A (BPA) market saw a significant decline, following the high levels at the end of March. Prices fluctuated downward throughout the month, becoming a prominent feature of this month's chemical market. As of April 28, the benchmark price for BPA was 9,730.00 CNY/ton, a decrease of 15.54% from 11,520.00 CNY/ton at the beginning of the month. The maximum price decrease within the month approached 18%, in stark contrast to the 42.75% price increase in March. This dramatic volatility has placed considerable operational pressure on both upstream and downstream parts of the industry chain.

April price trends can be divided into two phases: from April 1st to 10th, prices were at a high and stable level, with quotations in the three core regions of East China, South China, and North China concentrated between 10,800-11,600 CNY/ton. The market still had a willingness to hold prices, with transactions mainly based on rigid demand, and the high international market provided slight support. After April 10th, prices began to decline rapidly, with multiple negative factors leading to continuous price drops. In the latter part of the month, market sentiment was cautious, and merchants were eager to lower prices to sell, with regional differences becoming more pronounced. Some high-quality products in Shandong were quoted as low as 7,700-7,750 CNY/ton, a difference of nearly 2,000 CNY/ton compared to the mainstream prices in East China, and speculative demand completely disappeared.

The decline in bisphenol A prices in April was due to multiple factors, with the core issue being a mismatch between supply and demand. First, the collapse in costs became the main driving factor. The price of phenol decreased by 13.7% for the entire month, while acetone fell by 7.69%, leading to a reduction of about 1,200 CNY per ton in the production cost of bisphenol A. This, combined with a significant drop in international crude oil prices, with benzene prices falling more than 7% in a single day, resulted in the complete loss of cost support. Second, there was an oversupply. With the concentrated release of new capacity from 2025 to 2026, China's total capacity exceeded 3,500,000 tons per year. The average operating rate in the industry in April was 75.9%, with no large-scale maintenance, and inventory increased by 30% compared to the beginning of the month. Additionally, the impact of low-priced imported goods further increased the supply pressure.

Third, weak demand—downstream PC and epoxy resins together account for over 97% of total consumption. Both sectors are experiencing a lackluster peak season: PC operating rates hover around 80%, while overall epoxy resin operating rates remain relatively low. End-use industries such as home appliances, automobiles, and wind power are showing sluggish recovery, with the PMI falling below the boom-bust threshold. As a result, there is insufficient rigid demand, and speculative demand has virtually disappeared. Fourth, market sentiment is pessimistic, with strong bearish sentiment prevailing. Intermediary traders are aggressively selling off their inventories, and companies are cutting prices to clear stock, further accelerating the downward price trend.

Looking ahead, the market is expected to remain weak and consolidate after the holiday period, with prices potentially falling to the range of 9,200–9,500 CNY per ton. In the medium term, there may be a slight rebound; however, constrained by oversupply and weak demand, it will be difficult for prices to rise above 10,000 CNY per ton. In the long term, the broadly relaxed supply-demand dynamic is unlikely to change, and prices will continue to fluctuate within a reasonable range. It’s crucial to pay close attention to developments in alternative products and the impact of the EU ban. Overall, the sharp decline in bisphenol A prices in April was the result of a confluence of four key factors: costs, supply, demand, and market sentiment. Companies across the industrial chain need to respond rationally: upstream players should manage inventories carefully and optimize operating rates; midstream traders should avoid rash actions; and downstream companies should plan their procurement appropriately. Going forward, close attention should be paid to trends in raw material prices, plant operating rates, and the pace of demand recovery.