Price Overview
| Material | Current Price Range (CNY/ton) | WoW | Trend |
|---|---|---|---|
| PTFE Resin (Medium Granule) | 34,000 – 54,000 | -2.8% | ↓ Slight Decline |
| PEEK Resin (General Grade) | 350,000 – 500,000 | 0% | → Stable |
| Carbon Fiber (T700/12K) | 120,000 – 180,000 | +3.1% | ↑ Moderate Increase |
| PI Film (Electronic Grade) | 200,000 – 400,000 | +1.5% | ↑ Slight Increase |
| Alumina (Metallurgical Grade) | 2,670 – 2,720 | +2.7% | ↑ Futures-driven |
| Silicon Nitride Powder | 145,000 – 300,000 | 0% | → Stable |
Key Movements
- PTFE Resin: -2.8% — Luxi Chemical lowered its offer to 34,000 CNY/ton, down 1,000 CNY/ton. Domestic fluoropolymer capacity continues to expand while downstream demand from sealing and tubing remains flat, creating a supply surplus. Longzhong Info reports PTFE medium granule at 47,000 CNY/ton. Premium imports (Daikin, DuPont) remain firm at 130-135 CNY/kg.
- Carbon Fiber: +3.1% — Q1 2026 average price rose 3.07% YoY, supported by sharp increases in acrylonitrile costs. CITIC Securities identifies three drivers: rising costs, tight supply of high-end grades, and domestic technology breakthroughs. T800+ grades remain in persistent shortage. Demand from wind turbine blades, aerospace, high-pressure hydrogen storage, and low-altitude economy is growing rapidly.
- Alumina: +2.7% (Futures) — The April 27 futures contract closed at 2,899 CNY/ton, up 2.66%, driven by rumors of Guinea bauxite export cuts. Spot prices remained flat at 2,670-2,720 CNY/ton in South/East China. Warehouse receipts near 465,000 tons (historical high) and total inventory exceeding 5.9 million tons maintain the oversupply narrative. The widening futures-spot spread limits further upside.
- PEEK Resin: Stable — Victrex 450G quoted at 65-880 CNY/kg depending on specifications. Medical-grade PEEK saw price reductions under volume-based procurement but significant volume growth — Kuantu Medical reported 10.01% revenue growth in PEEK products for 2025, with share rising to 66.23%. Industrial-grade bulk prices remain stable as domestic substitution accelerates.
- PI Film: +1.5% — DuPont 300HN quoted at ~2,000 CNY/kg; domestic electronic grades range 13-475 CNY/kg. Demand from lithium batteries and flexible printed circuits continues to pull high-end PI film consumption upward. Domestic substitution is progressing steadily.
Impact Analysis
Procurement Cost Impact
- Continued carbon fiber price increases will raise raw material costs for wind energy and composite manufacturers, with T700-grade procurement costs up ~3% YoY
- PTFE price decline benefits seal and tubing manufacturers — consider increasing purchase volumes
- Alumina futures volatility has not materially impacted specialty ceramic raw material costs as spot prices remain stable
Supply Chain Impact
- High-end carbon fiber (T800+) supply-demand imbalance unlikely to resolve short-term — recommend locking in long-term supply contracts
- PEEK domestic substitution is accelerating with new capacity coming online, helping shorten lead times and reduce costs
- Guinea bauxite policy uncertainty adds risk to the alumina supply chain — monitor closely
Actionable Recommendations
Lock-in Pricing
- Carbon Fiber T700/T800 — Acrylonitrile cost support + high-end tight balance; upward trend confirmed. Recommend quarterly fixed-price contracts.
- PI Film (Electronic Grade) — Battery/FPC demand growth driving moderate price increases. Recommend advance stockpiling.
Hold and Watch
- PTFE Resin — Capacity expansion + soft demand; further downside possible. Purchase on-demand, avoid bulk price-locking.
- Alumina — Futures driven by news but spot stable with high inventories. Wait for Guinea policy clarity before committing.
Sources: Longzhong Info, 100ppi, Mysteel, Changjiang Nonferrous, Kaiyuan Securities, CITIC Securities. This report is for reference only and does not constitute investment advice.