PC: The dark horse stumbles and the future is worrying

At the junction of spring and summer, an old horse called polycarbonate (PC) accidentally ingested a medicinal herb called cost, refreshed, broke through the fence and ran to a high place, becoming a well-deserved "dark horse" in May and Ju.

Cost Herb Invalidation:

Table 1: Price rise and fall of PC upstream industry chain

From May to June, PC can stand out and lead the industry, and its upstream products have made great contributio.

Analysis: In terms of pure benzene, merchants have a strong intention to purchase at bargain prices, but high port inventories have an inhibitory effect on the spot market; in terms of phenol, the gradual increase in supply but it is difficult to be digested by downstream is the main reason for the softening of the price focus; in terms of acetone, petrochemical The concentration of companies to compensate for the decline, coupled with the limited transaction volume, cannot support the stable operation of the market; in terms of bisphenol A, although the buying gas is insufficient, it is fortunate that it is still in the peak maintenance season, and there is little room for downside in the market outlo.

Hard to bear the burden of supply:

As we all know, the pace of PC capacity expansion in recent years may be second only to polypropylene (PP), which is quite lar.

Analysis: Before we can celebrate the reduction in supply, the recovery of supply in the post-epidemic period (the operating rate has reached around 50%) is already in front of .

Need to recover from the sky:

The downstream market is the hardest hit by the epidem.

Analysis: Since the overseas epidemic has not completely dissipated, although export orders have rebounded from the first quarter, they are facing considerable pressu.

Summary: Old Ji Fuzheng, aiming for a thousand miles, but traveling a thousand miles is easier said than do.