Why did acetone prices in China fall sharply in late June, and what are the key cost and demand signals?

Why did acetone prices in China fall sharply in late June, and what are the key cost and demand signals?
Acetone prices in East China dropped 24.38% from late May to around 5,300-5,400 yuan/ton by June 24, with a seven-day decline of 11.4% ranking second among chemicals tracked by SunSirs. The core driver was a collapse in feedstock costs: WTI crude fell below $70/barrel for the first time since the Middle East conflict eased, dragging benzene down 360 yuan/ton in a single day in East China. Phenol-acetone production margins deepened to -978 yuan/ton, indicating severe losses. Downstream demand was weak, with bisphenol A operating rates at 65.6% and epoxy resin at only 43.3%, reflecting poor cost pass-through. Imports in May fell 33% year-on-year to 29,900 tons, while exports surged over 1,000% to 11,900 tons, but this was insufficient to offset domestic oversupply.