[SMM Weekly Review] Raw Material Market Sees Strong Bearish Sentiment, Film Prices in the Doldrums

EVA: PV-grade EVA prices were 9,500-10,250 yuan/mt this week. Recently, downstream film manufacturers have gradually engaged in just-in-time procurement, coupled with some petrochemical plants switching production lines or undergoing maintenance, leading petrochemical plants into a destocking phase. However, inventory levels remain relatively high. On the demand side, module scheduled production fell short of expectations, resulting in an oversupply in the supply-demand pattern. Additionally, new capacity is gradually being released in December, creating strong bearish sentiment in the market. PV-grade EVA prices are expected to remain under pressure in the near term.

Film: The mainstream price range for EVA film was 12,500-12,700 yuan/mt, while the price range for EPE film was 12,800-13,000 yuan/mt. Cost side, the raw material market continued to see prices decline amid a supply-demand mismatch, leading to gradually weakening cost support. Demand side, module scheduled production decreased. With both cost and demand weak, film prices remained in the doldrums.

POE: The domestic delivery-to-factory price for POE was 10,000-13,000 yuan/mt. Demand side, module scheduled production declined, and film manufacturers made just-in-time procurement. Supply side, as overseas petrochemical plants gradually complete maintenance, the tight spot supply situation is expected to ease gradually, with the overall supply-demand structure tending to improve. POE prices are expected to remain stable but weak in the near term.