August 27, 2026 / SemiMedia / — Global multilayer ceramic capacitor distributor inventories have fallen further, while inventory value and unit prices continue to rise, according to the latest data from UBS.

UBS Evidence Lab, which tracks more than 100 distributors worldwide, found that global MLCC inventory volume declined 8% between July 11 and August 9, reaching another record low. Inventory value increased 10% over the same period, while the unit price index rose 7%.

At the end of July, distributor inventory volume was down 22% year on year. Inventory value increased 6%, while the unit price index rose 13% and approached its highest level since January 2023. UBS expects supply-demand pressure to emerge first in AI-related applications and distributor channels before spreading to the broader MLCC market.

Channel inventory declined across most major manufacturers during the four-week period. Murata Manufacturing recorded an 8% reduction, Samsung Electro-Mechanics fell 20%, Yageo declined 1% and TDK decreased 7%, while Taiyo Yuden remained unchanged.

Unit price indexes increased across all five suppliers. Murata rose 6%, Samsung Electro-Mechanics 14%, Yageo 7%, TDK 8% and Taiyo Yuden 13%. Inventory value also increased at four of the five manufacturers, indicating that higher pricing is offsetting lower inventory volumes.

Murata and Taiyo Yuden reported April-to-June book-to-bill ratios of 1.47 and 1.72, respectively. Both companies expect capacity utilization to reach 95% during the July-to-September quarter and have raised their outlooks for AI-related sales.

UBS noted that some distributor demand could reflect advance ordering. However, falling channel inventory, elevated book-to-bill ratios and higher utilization rates indicate that MLCC supply conditions are becoming progressively tighter.