Zhi Tong Cai Jing·2025-12-16 08:23Core Viewpoint - Toray announced a price increase of 10%-20% for its TORAYCA brand carbon fibers and products, effective January 2026, due to rising energy costs driven by global supply-demand dynamics and a weak yen, along with increased raw material, auxiliary material, logistics costs, and labor shortages [1][2]. Group 1: Price Increase Details - The price increase is primarily focused on high-performance small tow products [2]. - The announcement was first published in Japanese and English, indicating that the company is particularly concerned about the European and American markets [2]. - The price adjustment is expected to be anchored in USD pricing, rather than merely a response to yen depreciation [2]. Group 2: Market Impact - The price increase is likely to confirm the bottom of domestic carbon fiber prices, which have remained stable over the past two years [3]. - The high-end market for carbon fibers has shown structural prosperity, with small tow fibers (below 3K) already experiencing price increases, contributing significantly to the profits of leading domestic companies [3]. - The changes in the supply chain for military products and the development of civil aerospace demand from COMAC are areas to watch in the high-end market [3]. Group 3: Industry Dynamics - The domestic wind power market is expected to enhance the penetration rate of carbon fibers starting in 2025, positively impacting industry capacity utilization and cost reduction [4]. - The core contribution of bulk carbon fibers lies in improving industry capacity utilization and reducing amortization costs under a heavy asset business model, rather than price increases [4]. - This optimistic trend is anticipated to continue into 2026 [4].