In July, the domestic epoxy resin market as a whole showed a weak consolidation in the first half of the month, a cost increase in the second half of the month, and a high volatility trend at the end of the month. The price center moved up significantly compared to June, with the maximum increase for the whole month exceeding 1000 yuan/ton. Significant structural differentiation in the market: General grade resins are affected by off-season demand, resulting in a deviation between quantity and price. High end electronic and packaging specialty resins have tight supply and demand, but are independently strengthening, presenting an overall pattern of “cost driven price increases and demand constrained volume increases”.

Price trend: In the middle of the month, the raw material price of liquid epoxy E-51 rose, driving the factory to adjust the price intensively. On the 21st, it hit a monthly high of 14500 – 14700 yuan/ton. At the end of the month, the high level fluctuated, and the negotiation range was 14200 – 14600 yuan/ton. Solid epoxy E-12: The trend is synchronized with that of liquid resin, with a relatively mild increase. The mainstream price at the end of the month is 13400-13800 yuan/ton, and the factory has raised the price but the terminal demand is limited. High end specialty resins: Benefiting from the demand for AI servers, automotive grade PCBs, and chip packaging, there is a shortage of supply and a 4-8 week lead time, resulting in a supply-demand gap of 30% -35%. Prices remain strong at high levels, leading to an independent and strong market trend.
In July, the industry’s operating rate slightly recovered to 58% -60%, with overall stable production and no large-scale production cuts. More than 20 mainstream enterprises raised prices in mid month, creating a strong atmosphere of price hikes. Top enterprises prioritize the protection of long and high-end orders, and the general spot supply is moderate. The overall market is running with low inventory, factories are under no pressure, traders are fast moving in and out, and there is no hoarding or speculation, which supports price stabilization.
The polarization of demand is evident. Traditional downstream flooring, anti-corrosion coatings, and ordinary composite materials are affected by the high temperature off-season, limiting production and mainly consuming inventory. The willingness to chase prices is weak, and the transmission of high prices is hindered. The demand for high-end electronics industry chain continues to improve, coupled with stable export orders, effectively offsetting the traditional off-season weakness and becoming the core support of the market.
Positive support: The two major raw materials, bisphenol A and epichlorohydrin, have tightened their supply and prices have risen synchronously, putting pressure on enterprise costs and actively pushing up prices.
Negative constraints: General grade resin production capacity is sufficient, traditional terminal demand is weak during the off-season, price increases lack transaction relay, and market volume price deviation.
The short-term market is mainly characterized by high-level fluctuations and demand recovery. After the stabilization of raw materials, the upward space for epoxy is limited. In mid to late August, downstream suppliers are expected to start stocking up during the peak season of Jinjiu, and the demand for essential goods is gradually recovering. The structural differentiation of the market continues, with high-end specialty resins remaining in high demand and firm, while the price increase of general-purpose resins is limited. Special attention should be paid to the risks of raw material decline, sustained drag on production due to high temperatures, and downstream resistance to high prices.