添加剂VC开启反内卷之路，价格上涨

Core Viewpoint - The price of VC additives has been declining significantly, reaching a low of 44,000 yuan per ton in the first half of 2025, leading to severe losses for manufacturers and prompting smaller companies to halt production. Larger companies, supported by strong financial backing and economies of scale, maintain higher operating rates despite long-term losses. The industry recognizes that maintaining stable prices is essential for sustainable development in the context of widespread losses and government advocacy against excessive competition [1][2]. Supply and Demand Analysis - In September, VC demand increased by 6% month-on-month, while the supply growth was less than the demand increase, resulting in a price uptick for VC. Major manufacturers such as Gengyuan, Huasheng, Huayi, and Fuxiang Pharmaceutical have a strong willingness to raise prices, contributing to the price stability of VC [1][2]. - The nominal production capacity in the market is 9,825 tons per month, with effective capacity at 7,500 tons per month. In September, the market supply was 5,800 tons, and demand was 5,880 tons, indicating a delicate balance between supply and demand. Manufacturers are rationally controlling their operating rates to maintain this balance [4]. - It is expected that both supply and demand will increase in October, keeping VC prices stable. However, a slight decrease in market demand is anticipated in December, which may lead to a minor price drop due to supply and demand dynamics. Overall, the VC market has sufficient capacity, and there is no current supply shortage due to insufficient production capacity [5].