2,2''-[(1-Methylethylidene)bis[(dibromo-4,1-phenylene)oxymethylene]]bis[oxirane]-4,4''-(1-methylethylidene)bis[2,6-dibromophenol] Copolymer

Market Intelligence on Brominated Epoxy Resin (October 12 – November 12, 2026)

I. Market Price Dynamics

| Indicator | Data |
|------|------|
| Average market price in East China | 22,000–23,000 RMB/ton (September baseline; recent months have remained within this range) |
| Recent price trend | Stable but slightly weak, under mild pressure due to upstream raw material costs |
| Business Society (Shengyishe) price updates | A baseline price was updated on November 9, 2026, but the specific percentage change was not disclosed |
| High-purity/high-performance grades | Priced approximately 500–1,000 RMB/ton higher than standard grades, with a slightly larger margin |

II. Upstream Raw Material Market Linkages

| Raw Material | Recent Trend | Impact on Brominated Epoxy Resin |
|------|----------|-------------------|
| **Epoxy Resin (E-51)** | East China liquid E-51 fell from an October average of 15,072 RMB/ton to 15,300–15,400 RMB/ton by November 10, a month-on-month decline of approximately 150 RMB/ton | Lowering cost-side support, limiting upward price potential for brominated epoxy resin |
| **Epichlorohydrin** | Oscillated in mid-October; 60-day and 3-month cycles are at mid-levels, while the 1-year cycle is at mid-to-low levels, indicating limited room for further decline | Weak cost support, resulting in a tug-of-war between bulls and bears |
| **Bisphenol A** | Continued decline from October to November, further weakening cost-side support | Directly reduces the production cost of brominated epoxy resin |
| **Bromine** | No significant price volatility reported recently; continued monitoring is required | As a core raw material, the stability of bromine prices determines the cost floor for the product |

III. Supply-Side Situation

- **Operating Rates**: Operating rates at domestic brominated epoxy resin producers remain stable, with most facilities running normally and overall market supply showing little change.
- **Capacity Structure**: The industry’s CR4 (Kingboard Chemical, Kunshan Nanya, Hongchang Electronics, Changchun Chemical) accounts for approximately 73% of capacity. The annual capacity for low-bromine epoxy resin is 297,000 tons, and for high-bromine epoxy resin is 48,000 tons, totaling 345,000 tons/year.
- **Market Circulation**: Many low-bromine epoxy resin producers vertically integrate with copper-clad laminate (CCL) businesses, resulting in limited market circulation and low price elasticity.

IV. Demand-Side Situation

| Downstream Sector | Recent Performance |
|-----------|----------|
| **Copper-Clad Laminate (CCL)** | Remains the largest downstream application; demand is driven by essential needs, with end-users adopting a strategy of replenishing inventory at lower prices |
| **Flame Retardants for Engineering Plastics (PBT/ABS/PA, etc.)** | As product prices stabilize, demand shows signs of recovery, but overall purchasing enthusiasm remains low |
| **Electronic Electrical/Semiconductor Packaging** | Demand for high-end applications persists, but long certification cycles limit short-term volume growth |
| **Coatings/Adhesives** | Demand is stable, with cautious purchasing behavior influenced by macroeconomic conditions |

V. Analysis and Assessment

1. **Cost-Driven Dominance**: The continuous decline in upstream raw material prices, such as epoxy resin and bisphenol A, has weakened cost-side support for brominated epoxy resin. Product prices lack upward momentum, resulting in an overall “stable but slightly weak” market structure.
2. **Stalemate in Supply-Demand Dynamics**: Supply remains stable with limited market circulation, while demand is primarily essential but lacks purchasing enthusiasm. The market is in a state of weak equilibrium, making a one-sided price trend unlikely in the short term.
3. **Distinct Structural Differentiation**: Low-bromine epoxy resin (used in CCL) is significantly affected by the electronics industry cycle. High-bromine epoxy resin (used as a flame retardant) is expected to see incremental demand due to environmental substitution trends, though high-end products still rely partially on imports.
4. **Policy Support for the Long Term**: Brominated epoxy resin has been included in the Ministry of Industry and Information Technology’s “Catalog of Key New Materials for First-Batch Application Demonstration (2024 Edition)” and the National Bureau of Statistics’ Strategic Emerging Industries Catalog, providing sustained policy support.

VI. Forecasts

| Timeframe | Projection |
|----------|------|
| **Short-term (1–2 weeks)** | Prices are likely to fluctuate within the 22,000–23,000 RMB/ton range. Continued weakness in raw materials may exert slight downward pressure (50–100 RMB/ton) |
| **Medium-term (1–3 months)** | If demand for CCL and flame retardants for engineering plastics recovers, and bromine prices stabilize, prices may bottom out and stabilize. Conversely, continued declines in raw material costs will keep prices under pressure |
| **Long-term (6+ months)** | With the expansion of high-end applications in electronics, new energy, and 5G high-frequency materials, combined with accelerated domestic substitution, the market size for brominated epoxy resin is expected to grow steadily. Prices for high-value-added products may rise, though new capacity releases will limit the magnitude of increases |

VII. Risk Warnings

- **Raw Material Volatility Risk**: Significant rebounds in the prices of bromine, epoxy resin, or bisphenol A will quickly transmit to the cost side of brominated epoxy resin.
- **Demand Shortfall Risk**: Under macroeconomic pressure, the pace of demand recovery in downstream industries such as electronics and construction remains uncertain.
- **Intensified Competition Risk**: Although industry concentration is high, accelerated new capacity releases and increased market circulation could exert downward pressure on prices.