During early November, the global market for phenol continued to feel persistent downward pressure as price drops were seen in both China and the United States. Although entering a time of year that would typically be driven by demand, market activity was weighed down and remained soft due to weak feedstock costs, sluggish downstream consumption, and ample supply levels. In China, the traditional peak season known as 鈥淪ilver October鈥� did not materialize as demand along the entire phenol value chain-from raw materials to end-use sectors-remained soft.
In China, the price of phenol followed a downward course after a brief period of stability in the last weeks of October. The decline was effectively caused by concurrent weaknesses in upstream benzene and propylene markets, which weakened cost support to produce phenol. Accordingly, benzene prices continued to fall amidst high inventory, surging import volume, and poor buying...
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