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Global Polycarbonate Market Resilient in Third Week of May 2024 Amidst Minor Fluctuations
Global Polycarbonate Market Resilient in Third Week of May 2024 Amidst Minor Fluctuations

Global Polycarbonate Market Resilient in Third Week of May 2024 Amidst Minor Fluctuations

  • 24-May-2024 4:30 PM
  • Journalist: Bob Duffler

After three weeks of stability, the price of Polycarbonate (PC) in the U.S. market remained stable again during the week ending on May 17, 2024, reflecting a balanced gap between demand and supply of PC. The unchanged price of upstream crude oil further supported this stable price trend. However, falling demand for electric vehicles (EVs) has pressured sales at U.S. automakers. According to the latest data, U.S. crude oil refinery inputs averaged 16.5 million barrels per day during the week ending May 17, 2024, an increase of 227 thousand barrels per day from the previous week. Refineries operated at 91.7% of their operable capacity, with gasoline production rising to an average of 10.0 million barrels per day and distillate fuel production increasing to 5.1 million barrels per day. This balance in production and stable crude oil prices has helped maintain the equilibrium in the PC market.

Simultaneously, in the Asian market, the price of PC was unchanged due to the narrow gap between demand and supply. However, in the previous week, the price of PC in the Japanese market decreased by approximately 0.5%, driven by a 3.5% drop in upstream crude oil prices, which reduced production cost support for PC. Additionally, demand from the downstream automobile industry remained low despite the typically higher summer season demand. According to the Energy Information Administration (EIA), U.S. crude oil refinery inputs averaged 16.3 million barrels per day for the week ending May 10, 2024, an increase of 307 thousand barrels per day from the previous week. Refineries operated at 90.4% capacity, with gasoline production rising to an average of 9.7 million barrels per day and distillate fuel production increasing to 4.8 million barrels per day. Despite this uptick in production, U.S. crude oil imports averaged 6.7 million barrels per day, a decrease of 226 thousand barrels per day from the prior week, but still 7.1% higher than the same period last year. Additionally, motor gasoline imports averaged 726 thousand barrels per day, while distillate fuel imports averaged 89 thousand barrels per day. This dynamic interplay of production, imports, and pricing highlights the intricate balance of supply and demand within the energy sector, significantly impacting the cost structures and market prices of related petrochemical products such as PC.

In the European market, the price of PC also remained stable. However, last week, the price of PC in the European market decreased by approximately 3.5%, attributed to the ample availability of raw materials in the region. Additionally, a 3.5% drop in global upstream crude oil prices further reduced production cost support. Despite the typically higher summer season demand anticipated, the downstream automobile industry's demand for PC remained low.

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