Summary of CCL Supply Chain Conference Call Industry Overview - The conference call focused on the **CCL supply chain**, particularly from the perspectives of **Japanese semiconductor material manufacturers** and **Taiwanese package substrate manufacturers**. The call attracted approximately **90 investors**, indicating high interest in this sector [1]. Key Points Discussed Demand Outlook - **Substrate manufacturers** are optimistic about the demand outlook, with expectations that the **tight supply/demand** for **Low CTE (T-glass)** will persist. - **PCB manufacturers** report strong demand for **Low Dk (NE)** and **Low Dk2 (NER)** materials. - **BT substrate manufacturers** anticipate solid demand for BT products in the short term, although the sustainability of smartphone-related BT demand is uncertain. - Some downstream customers are placing advance orders for BT and BT substrates, anticipating future cost inflation [2]. Pricing Trends - Substrate manufacturers are aware of potential **secondary price hikes** for T-glass, with PCB manufacturers also seeing potential price increases for Low Dk (NE), Low Dk2 (NER), and E-glass, which could reach around **10%**. - BT substrate prices have already increased in the second half of **CY25**, with **Mitsubishi Gas Chemical** proposing **30% price hikes** across all BT products. - Downstream customers, particularly those in BT memory, are receptive to these price hikes [2]. Competitive Environment - The T-glass market is seeing new entrants, including **Taiwan Glass**, **Nanya Plastics**, and **Grace Fabric**, but their production capacities are significantly smaller than that of **Nittobo**. - T-glass produced by Taiwan Glass has received certification for use in CPU and switch applications, although its quality is deemed inadequate for GPU applications. - Grace Fabric's T-glass has also received certification, but the company is likely to focus on thin types. - End customers are aware that T-glass supply/demand will remain tight, prompting them to seek alternative suppliers. Many Taiwanese and Chinese glass cloth manufacturers are focusing on developing Low Dk and Low Dk2 materials due to challenges in improving T-glass yields and the higher profitability of Low Dk products. - **Q-glass (quartz glass)** is being evaluated for package substrate and PCB applications, but initial feedback is mixed due to its hardness, which makes substrates and PCBs prone to cracking [2]. Additional Insights - The call highlighted the ongoing challenges and opportunities within the specialty chemicals and semiconductors industry, particularly in the context of evolving demand and pricing dynamics. - The competitive landscape is shifting, with new entrants attempting to capture market share, but established players like Nittobo maintain a significant advantage in production capacity [2]. This summary encapsulates the critical insights from the conference call regarding the CCL supply chain, focusing on demand, pricing, and competitive dynamics within the industry.