Bisphenol S (BPS) prices in Asia remained under pressure during the early week of May 2025. Weak cost support from feedstocks phenol and sulphuric acid, combined with reduced trading activity due to the Labor Day in China and Japan’s Golden Week holidays, weighed on the market. Despite limited production at some plants, supply remained adequate amid sluggish demand.

In China, BPS prices dipped as buying slowed with global traders off for the holidays. Deals were scarce, and buyers hesitated, steering clear of big orders. Stockpiles remained high, and restocking was minimal.

China’s manufacturing activity slowed in April as export demand fell under increased pressure from escalating trade tensions with the United States.

Interest from key overseas buyers such as Europe and India remained subdued amid sluggish construction activity, limiting BPS trade flows. This trend was reflected in Dow’s Q1 2025 earnings, which showed a decline in net sales for its Construction Chemicals segment across EMEAI, primarily due to lower volumes and softer pricing, further impacting BPS demand.

BPS Demand from the downstream epoxy resin and polycarbonate sectors remained soft, especially with weak performance in the end user construction sector. China’s construction market softened in April 2025, with new home transactions down 6.5% year-on-year and a 10.4% decline in sales reported by the country’s top 100 developers. This downturn continued to curb BPS demand.

Feedstock Sulphuric acid markets across regions such as Hubei and Hunan showed continued weakness. Reduced production rates, weak downstream demand, and pressure from unsold inventory led to lower pricing and fewer bulk orders. This reduced cost supports BPS producers.

The phenol market in China also declined. Feedstock benzene weakened, and downstream demand stayed low as buyers mostly observed. Phenol-ketone plant utilization held near 75%, but prices remained soft due to poor sentiment, limiting cost-push potential for BPS.

In Japan, BPS demand was soft amid a subdued construction sector and limited epoxy resin activity. Polycarbonate usage stayed low due to weak end-user sentiment and high inventories. Japan’s export slowdown in April, particularly due to U.S. tariffs on sectors like automobiles, also pressured trade sentiment and reduced downstream resin consumption.

In India, demand remained underwhelming.  Downstream consumption stayed low due to extreme temperatures, project delays, and seasonal labor shortages. The ongoing marriage and harvesting seasons diverted labor and funds from infrastructure work.

Commercial real estate showed some resilience with stable office space demand, but it wasn’t enough to offset slowdowns in housing and infrastructure. Buyers continued to procure only what was essential, avoiding long-term commitments.

As per the ChemAnalyst, BPS prices may receive mild support in the coming weeks as seasonal infrastructure and manufacturing activity picks up. However, sentiment remains cautious. Limited bulk orders and sufficient inventories suggest that any recovery will be gradual, and demand driven.