September 30th, according to news
In September 2026, the Chinese phenol market showed a typical inverted V-shaped trend, breaking the weak pattern that persisted in August. At the beginning of the month, prices rose rapidly on expectations of peak season demand. However, in the middle and late part of the month, prices gradually declined due to weak demand and ample supply. By the end of the month, there was a slight rebound, but overall, most of the price increase was eroded. Throughout the month, the market fluctuated repeatedly around the balance of supply and demand, with trading performance showing a mixed picture of hot and cold.
In early September, the phenol market experienced a temporary price rally. With the traditional “Golden September” chemical peak season underway, bullish sentiment remained strong across the board. Coupled with steadily rising upstream benzene prices, cost factors provided solid support for phenol. Meanwhile, as some phenol‑acetone units completed earlier maintenance and spot supply tightened, traders showed strong willingness to hold prices and proactively raised their ex‑factory quotes. Downstream bisphenol A and epoxy resin producers saw a modest rebound in operating rates, while pre‑holiday restocking demand was concentratedly released, boosting trading activity and driving a rapid increase in phenol spot prices. In the East China market, mainstream prices briefly surpassed RMB 9,100 per tonne, marking the month’s highest level.
As we entered mid-to-late September, with market positives gradually being realized, phenol prices reversed course and weakened. On the supply side, previously shut-down production units resumed operations in a concentrated wave, lifting China’s overall phenol operating rate and keeping spot supplies ample, while manufacturers faced mounting pressure to offload inventory. Demand emerged as the key drag on the market: downstream end‑product sectors lagged in order intake, limiting the pace of capacity utilization gains; rigid demand remained cautious, and post‑peak stocking activity led to a rapid cooling of purchasing momentum. Coupled with price cuts announced by several major producers, bearish sentiment intensified, prompting traders to offer discounts to move inventories, driving phenol prices lower and pushing the mid‑month price center sharply downward.
At the end of the month, the market showed a slight stabilization and rebound. The price of raw material pure benzene strengthened again, providing renewed cost support. Additionally, there was a slight increase in restocking demand at lower levels, which led to a small rebound in phenol prices. By the end of September, the main trading price for phenol in China stabilized around 8,800 CNY per ton, but it did not fully recover from the price decrease within the month, and the peak season's upward trend basically came to an end.
Looking ahead, the short-term phenol market is likely to maintain a pattern of fluctuation and consolidation. On the cost side, the price trends of crude oil and pure benzene will continue to influence market sentiment, with limited volatility, making it difficult to form strong positive or negative factors. In terms of supply, China's phenol and acetone facilities are operating stably, with overall adequate spot supply and no significant reduction expected. On the demand side, downstream industries have no plans for concentrated inventory buildup, and the weak terminal demand situation is unlikely to change quickly, with just-in-time demand following a slow pace. Overall, the supply-demand dynamics in the phenol market will continue, with limited room for significant price increases or decreases. Prices are expected to fluctuate narrowly around the cost line, with a slightly weak but stable trend. It is important to closely monitor the fluctuations in raw material prices and the recovery of downstream operations.
