Continuation of the downward trend

1. Today's Summary

① Shandong Depu Phase I and Phase II are operating normally, and Shandong Lihua Yi's methanol-based production is running smoothly.

② The Shandong market price declined today. Offer prices stood at 4,800 CNY/ton in Shandong, 5,000 CNY/ton in East China, 5,800 CNY/ton in South China, and 4,277.5 CNY/ton in Northwest China.

2. Spot Market Overview

Table 1: Domestic Dimethyl Carbonate (DMC) Price Summary (Unit: CNY/ton)

Data Source: Chempricehub Information

Based on the Shandong region as a benchmark, DMC closed at 4,800 CNY/ton today, down 100 CNY/ton from the previous business day. The domestic DMC market continued its downward trend today. Although some plants have shut down or reduced operating rates, overall supply remains ample. Coupled with weak demand and low purchasing enthusiasm among mid- and downstream players, trading activity across the market has been sluggish. Specifically, regarding supply, maintenance and load reductions at certain units have provided limited support for tightening supply, leaving spot circulation volumes sufficient. Regarding demand, procurement pace in downstream industries such as electrolytes and polycarbonate has slowed, with transactions mainly consisting of small orders based on rigid demand, and strong wait-and-see sentiment prevailing.

3. Price Forecast

Overall, the short-term market lacks obvious positive drivers to boost prices. Under a loose supply-demand structure, DMC prices are likely to continue trending weakly.

4. Related Product Updates

Propylene Oxide (PO): The domestic PO market remained soft and consolidated today. Supply-side operations were generally stable. After significant rebounds in weekend transactions, trading momentum cooled rapidly. With poor sell-through, prices faced pressure to decline further through negotiations. In Northern China, offer prices were chaotic with widening spreads between high and low quotes, while Southern China relied primarily on contract deliveries with very few spot transactions. The current period spread between PO and propylene remained inverted; however, weak short-term supply-demand dynamics are the dominant factor. Attention should be paid to whether cost pressures lead to any reduction in supply volume.

Polycarbonate (PC): The domestic PC market traded weakly amid a wait-and-see attitude. By the afternoon close, the negotiation range for domestic PC materials in East China was 12,850–15,000 CNY/ton, with some specific grades dropping by approximately 100 CNY/ton compared to last Friday. Early in the week, updates on factory ex-factory price adjustments were scarce, with only a few publishing stable new prices. Hainan Huasheng PC announced a maintenance plan for December. In the spot market, both East and South China saw weak adjustments, and the entire industry chain exhibited a downward trend. Cost support for PC weakened accordingly, while downstream buying interest failed to recover, keeping market transactions under pressure. Traders showed a clear willingness to move inventory as prices fell, leading to lower asking prices for actual deals. Downstream inquiries were rare, resulting in a market characterized by quoted prices but little actual transaction volume.

5. Data Calendar

Table 2: Domestic Dimethyl Carbonate (DMC) Data Overview (Units: 10,000 tons, CNY/ton)

Data Source: Chempricehub Information
Notes:

1. ↓↑ indicates significant fluctuations, highlighting data dimensions with changes exceeding 3%.
2. ↗↘ indicates minor fluctuations, highlighting data dimensions with changes within 0-3%.