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[PC Weekly Review] Raw Materials Weaken Across the Board, Market Falls Sharply

Plastmatch 2026-05-28 19:01:41

1. Market Focus of the Week

The price spread between PC and the raw material bisphenol A continued to widen month-on-month, further improving the industry's profit margins.
With additional units at Shanghai Mitsubishi and Pingmei Shenma shut down for maintenance, the industry’s capacity utilization rate fell to a year-to-date low.
Market bearish news was released in a concentrated manner, and spot PC prices fell sharply, with the weekly average price continuing its downward trend.

2. This Week's PC Market Trend Analysis

During this period (May 22, 2026 - May 28, 2026), the domestic PC market experienced a significant downturn, with the market continuing to weaken throughout the week. As of the close on May 28, the mainstream trading range for domestic PCs in East China was between 13,350 and 16,500 yuan/ton, a decrease of 200 to 900 yuan/ton compared to the previous week, with a decline range of 1.20% to 6.32%.

During the week, price adjustments by producers diverged, with some manufacturers suspending external quotations and most ex-factory prices falling by RMB 300–700/ton. On Tuesday, Zhejiang Petrochemical’s auction prices opened sharply lower, with the average transaction price across three rounds down RMB 800/ton from the previous week, directly dragging down overall market expectations. In addition, the simultaneous shutdowns for maintenance of two units at Shanghai Mitsubishi and Pingmei Shenma pushed the industry’s capacity utilization rate to a new low for the year. However, the supply contraction failed to support the market, as multiple bearish fundamentals dominated market trends.

At the beginning of the week, the market largely adopted a wait-and-see stance, with prices adjusting slightly lower within a narrow range. After Zhejiang Petrochemical’s auction prices plunged, bearish sentiment spread rapidly across the market, and spot offers fell sharply. In the latter half of the week, international crude oil, phenol, bisphenol A and other upstream products in the industry chain declined collectively, further intensifying cost-side pressure on PC. Traders showed a strong willingness to cut prices and sell in line with the market, but downstream purchasing interest continued to weaken. End users only maintained small-volume, need-based purchases on a hand-to-mouth basis, leaving market transactions thin and the price center continuing to move lower.

III. Brief Analysis of Market Influencing Factors

This week, international Brent crude oil has significantly dropped by $10.73 per barrel, a decline of 10.22%. Phenol and bisphenol A have also seen a deep decline, putting pressure on the entire cost side of the industry chain. Although the price spread between PC and bisphenol A continues to widen, leading to some improvement in industry profitability, the bearish sentiment triggered by falling raw material prices dominates, making it difficult to reverse the downward trend in prices. Meanwhile, multiple production units are undergoing maintenance, causing the operating rate to fall to its lowest level of the year. However, weak market demand offsets the positive effects of reduced supply, and the auction market dynamics also guide prices lower. Multiple factors are collectively driving the continuous decline of the PC market.

IV. Market Forecast for Next Week

Considering plant operations, demand, and cost trends, the domestic PC market is expected to remain under pressure next week, with prices likely to continue their weak downward trajectory.

Supply sidePingmei Shenma’s units will continue to undergo full-line maintenance, while Cangzhou Dahua’s units have been running steadily after restarting. The industry’s overall capacity utilization rate is basically unchanged from this week. Spot availability has tightened somewhat in the short term, but the market generally expects supply to potentially recover later, keeping sentiment under pressure. The positive impact from maintenance is therefore difficult to materialize.

Demand SideSince May, terminal orders have shrunk significantly, and the transmission of high PC prices downstream has been hindered. Downstream companies’ profits have been squeezed, leading to weak overall willingness to take orders and make purchases. Amid continuously falling prices, the downstream “buy-as-needed” model has been further reinforced, with insufficient willingness to actively restock, making it difficult for demand to improve.

Cost sideBisphenol A prices are expected to continue weakening, and the price spread between PC and bisphenol A is unlikely to narrow in the short term. The ongoing decline in feedstock prices will continue to undermine market confidence and further weigh on spot PC quotations.

Key Focus

Supply Side: Operation status of Pingmei Shenma and Cangzhou Dahua units, overall industry operating rates, and changes in cargo circulation.
Demand side: recovery of end-user orders, downstream procurement pace, and willingness to restock.
Cost side: Fluctuations in bisphenol A, phenol, and international crude oil prices; track the pass-through impact of raw materials on the PC market.

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