Basic Materials - China (H/A): Expert: 7628 e-glass / FR4 CCL to reach RMB16+ / RMB270+; Jushi 2Q26 in-line

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Basic Materials - China (H/A): Expert: 7628 e-glass / FR4 CCL to reach RMB16+ / RMB270+; Jushi 2Q26 in-line

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Basic Materials - China (H/A)

Expert: 7628 e-glass / FR4 CCL to reach

RMB16+ / RMB270+; Jushi 2Q26 in-line

Industry Overview

More e-glass & CCL price hike towards year-end 15 July 2026

We hosted an expert call with Mr. Luo, project manager at Nanya. Luo expects the e- Equity

glass market to remain structurally tight through at least mid-2027 as e-glass makers China

continue shifting capacity from general e-glass to higher-margin AI-grade e-glass. The Basic Materials

market has evolved into a seller’s market with allocation quotas and increasing Edward Leung, CFA >>

prepayment requirements. For CCL, shortages are primarily driven by E-glass constraints Research Analyst

and thick FR4 CCL is most exposed because it consumes significantly more E-glass. The Merrill+852 3508Lynch3282(Hong Kong)

expert believes 7628 e-glass prices could rise from current of RMB8-9/m to RMB16/m edward.leung@bofa.com

under allocation quotas or bid up as high as RMB20/m for additional volume in excess of Matty Zhao >>

Research Analyst

the allocation quotas, and this will potentially driving FR4 CCL prices from RMB220-240 Merrill Lynch (Hong Kong)

today to RMB270-280 by year-end. +852 3508 4001

matty.zhao@bofa.com

End demand can absorb CCL price hikes easily

Luo views downstream affordability as very high because CCL represents only a small CCL Copper Clad Laminate

portion of final product costs. Traditionally, PCBs account for roughly 20% of end-

product BOM, while CCL is only around half of PCB cost. As a result, even a doubling of PCB Printed Circuit Board

CCL prices would have only a modest impact on end-product economics. Consistent with

BOM Bill of Material