After a strong start to the year, polycarbonate demand has dipped in the last three months. Other phenol derivatives are suffering from the slowdown in the European construction industry, which is down 8% against 2011. July production was bolstered by a certain amount of stockbuilding, but with August prices reflecting higher raw material costs, output is now being adjusted to match underlying demand, with cutbacks back to 70%-75% in some locations. In France, the Novapex unit is on a two week annual shutdown.