生意社：节前备货不振 12月底PC低位运行

Price Trends - The domestic PC market showed weak performance at the end of December, with most spot prices at low levels. As of December 31, the benchmark price for PC was approximately 13,233.33 yuan/ton, reflecting a year-on-year price change of -5.15% [3]. Supply Analysis - At the end of December, the overall operating rate of domestic PC polymer enterprises showed slight increases. Although some production lines in Zhejiang Petrochemical were undergoing maintenance, one production unit resumed operations, and the average industry operating rate recovered to nearly 78%, with weekly output exceeding 65,000 tons. Despite efforts from polymer plants to support prices, the large supply base for basic grades led to renewed sales pressure in the market. Overall, the supply side provided limited support for PC prices [4]. Raw Material Insights - The domestic Bisphenol A market shifted from a prolonged low period to an upward trend in December, driven by supply contraction, marginal demand improvement, and strengthened cost support. Prices steadily increased from early in the month, with traders showing strong price support sentiment and a significantly improved trading atmosphere, which positively impacted the cost support for PC [6]. Demand Factors - The profitability of end-user enterprises has weakened, leading to suboptimal operating rates for downstream PC factories. Inventory strategies remained cautious, with buyers adopting a wait-and-see approach and reducing total order volumes before the holiday. The response from e-commerce and overseas markets for finished products was average, and end-user production schedules were conservative. Overall, the demand side provided insufficient support for PC spot prices [6]. Market Outlook - By the end of December, the domestic PC market was in a low-level consolidation phase. Although the upstream Bisphenol A market turned positive throughout the month, the cost support for PC remained limited. The operating rates of domestic PC polymer plants showed minor fluctuations, with limited maintenance news expected in the future. The trading atmosphere in the market was subdued, and short-term downward pressure on PC prices is anticipated [7].