Lead-in: Recently, the Bisphenol A (BPA) market has shown a general downward trend in price levels. As of October 22, the mainstream negotiation reference price in East China was 10,700 RMB/ton, representing a decrease of 4.46% compared to October 8. The market lacks effective positive support, with both the cost side and demand side weakening. Inventory holders face increased pressure to sell, leading to continuously declining offer prices and a downward shift in the negotiation center.
I. Cost Side: Support Significantly Weakened
Table: BPA Industrial Chain Price Comparison (Unit: RMB/ton)
| Product | Region/Category | Oct 8, 2026 | Oct 22, 2026 | Change Value | Change % |
|---|---|---|---|---|---|
| Phenol | East China | 9,225 | 9,275 | +50 | +0.54% |
| Acetone | Jiangsu | 8,525 | 8,400 | -125 | -1.5% |
| Bisphenol A | East China | 11,200 | 10,700 | -500 | -4.5% |
| North China | 11,300 | 10,750 | -550 | -4.9% |
Data Source: Chempricehub Information
The cost side has generally trended downward, significantly reducing its support for the BPA market. The phenol raw material market has seen limited volatility, while expectations for acetone are weak, resulting in insufficient bottom-line support from the overall cost structure for BPA. The downward shift in cost levels has expanded the room for inventory holders to offer discounts, further intensifying downward market pressure.
II. Demand Side: Persistently Weak, Inquiry Activity Sluggish
Recent Polycarbonate (PC) industry operating rates stood at 78.08%, a decrease of 5.68 percentage points compared to October 8. The epoxy resin industry operating rate was 50.26%, an increase of 6.6 percentage points compared to October 8; however, this rise is largely attributed to post-National Day holiday restarts, with insufficient intent for spot procurement. Overall, demand from major downstream sectors shows no signs of improvement. Downstream purchasing willingness remains low, market inquiry activity is generally sluggish, and counter-offer prices are universally at low levels. The persistent mindset of pressing for lower prices has clearly dragged down the market.
III. Market Sentiment: Increased Willingness to Sell
Against the backdrop of persistently weak demand, market trading atmosphere is quiet, and inventory holders' willingness to sell has notably increased. To alleviate inventory pressure, offer price centers have continued to shift downward, and some merchants have shown a greater willingness to discount goods to facilitate sales. Actual transactions often involve certain negotiation margins. Downstream buyers exhibit strong wait-and-see sentiment and are cautious in accepting goods, primarily placing small orders based on rigid demand. Consequently, overall transaction volumes remain limited.
IV. Outlook: Short-term Market Still Has Room for Minor Decline
It is projected that the short-term BPA market still has room for a narrow decline. On the supply side, BPA production is expected to increase slightly in the short term, while weak demand is unlikely to change, leading to a gradual accumulation of factory inventories. On the demand side, although PC operating rates may rise, epoxy resin operating rates are trending downward. Overall enthusiasm for spot procurement remains low, counter-offer prices are depressed, and there are no signs of improvement in buying interest, which is limited to rigid demand purchases. Insufficient purchasing power leads to continuous price pressure, leaving inventory holders with little psychological support and prioritizing sales. In summary, the short-term market center is expected to drift slightly lower as it gradually probes for a bottom.
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