1. Market Trends

On March 25, 2025, the average price of PC in the market was 14,692 yuan/ton, remaining stable compared to the previous trading day. Today, the domestic PC market is stabilizing. There has not been any significant improvement in the near-term PC fundamentals, but news of upcoming maintenance for some facilities has slightly boosted market sentiment. Coupled with the currently low prices, the willingness of businesses to continue offering discounts has decreased, leading to a focus on stable quotations. In terms of prices: the mainstream trading reference for low-end materials in East China is 12,000-12,500 yuan/ton, while for mid-to-high-end materials, the reference is 16,400-19,000 yuan/ton.

Table: Prices of PCs

Note: This price refers to the daily negotiation and transaction price level/range from 9:00-14:00 across various markets.

2. Upstream Market Dynamics

Crude Oil: US President Donald Trump announced that countries purchasing oil or natural gas from Venezuela would face a 25% tariff, raising concerns in the market about supply tightening and leading to continued gains in international crude oil prices. On March 24th, the May contract of US WTI crude oil closed up by $0.83 per barrel, or 1.22%, at $69.11 per barrel; the May contract of Brent crude oil closed up by $0.84 per barrel, or 1.16%, at $73.00 per barrel. The main contract for SC futures on the 2505 listing closed at 533.3 yuan per barrel.
Here is the translation: The market for ethylbenzene (双酚A) in the domestic market continues to show signs of fatigue, with prices continuing to decline. The upstream raw material phenol prices are weak, and the cost of ethylbenzene is insufficient; although the downstream equipment has a repair plan in place, the industry supply remains abundant, and the demand is still weak; the buying pressure is still present, the trading pressure is weak, and the need to discuss again is still ongoing.

3. Aftermarket Forecast

The current data of CMAA market continues to be weak, with certain arbitrage opportunities facing the cost side, and short-term prices are facing a slight rebound, but considering the forward supply pressure still exists, the discussion emphasized still has a small downward movement possibility, the expected future market outlook for China is that the domestic market is relatively weak, the price interval of the lower end is 12,000-14,650 yuan/ton, and the interval of the middle and high-end is 16,300-19,500 yuan/ton, and the adjustment range is between 0-15 yuan/ton.