Plastics Raw Material Market Report

Data updated to 4 November 2026, 07:35 HKT

Today's market view: From the previous trading session into this morning, the energy complex turned from consecutive sharp declines to stabilisation and a rebound. The phase of one-way cost markdowns is essentially over, although prices remain within a high range overall. Divergence among monomers has widened further, with aromatics-chain products catching up on the downside while olefins-chain products hold firm: styrene, pure benzene and propylene weakened, whereas butadiene and acrylonitrile moved higher against the trend. Hard resin costs edged only slightly lower, and polypropylene cost support softened in step. Resin spot markets overall sit in the early transmission stage of “costs having already moved down first while offers still lag and resist”: high-end grades took the lead in conceding price, while low-end and some modified materials held steady, with the market dominated by small need-based orders and low willingness to chase prices. Over the next one to three days, the key points to watch are how the PP futures-spot spread converges and whether the feedstock rebound can be sustained; the two together will directly determine whether the centre of gravity for resin prices eases within a stable range or shifts to defending price levels.

1. Latest International Crude Oil Moves

Below are the latest crude oil prices as of 06:11 HKT on 4 November 2026; changes are measured against the previous trading day's official settlement for the same contract month.

Previous trading day's official settlement: Brent 103.60, WTI 96.09 USD/bbl.

This rebound mainly reflects the geopolitical risk premium halting its one-way unwind: the conditions for reopening the shipping channel have still not been accepted, regional security incidents continue, and expectations for a restoration of supply have been pushed back again, so the previous session's fall of more than one percent narrowed. Forces capping further gains remain in place: two consecutive sessions of sharp declines have partly cleared the earlier premium, major producers have kept output policy unchanged, and there is no fresh contraction on the supply side, so oil is more likely to churn within a high range than to return to a one-way advance.

2. Domestic Futures and Cost Signals

The table below shows the latest verifiable market reference prices and theoretical costs as of 07:35 HKT on 4 November 2026.

Note: SM, BD, AN and C3 are market reference prices in the respective currency; the RMB and USD figures for ABS, GPPS, HIPS and PP are independent theoretical cost estimates calculated on the feedstock system of the respective currency, without FX conversion. Theoretical costs are for directional observation only and do not represent actual transaction prices or official offers.

3. ABS PP PE PS Market Direction

Note: “Price Direction” is a directional view for the next 1-3 days and does not represent a specific price; “Supply Status” reflects deliverable cargo and delivery times.

4. Key Risks in Shipping and Supply

· Shipping channel access still restricted: throughput recovery through the strait remains slow and safety incidents involving commercial vessels have not subsided, so pressure on regional energy supply has eased only at the margin.
· Freight and war-risk cover stay elevated: freight on the Middle East-Asia route remains high, and war-risk premiums on high-risk legs are still several times normal, unlikely to fall in step with oil prices in the near term.
· Sticky landed costs: landed prices for Asian cracker feedstock and imported resin are lagging the decline in energy, so the landed cost of imports is unlikely to move clearly lower in the near term.
· Phased tightening of regional supply: some plants in South China are under maintenance and arrivals of certain grades are slow, with differences in deliverable volumes and delivery times.
· Tight logistics window: with month-end approaching, vessel schedules and port operations are tightening, so buffer time is needed for container pick-up, customs clearance and inland delivery.

5. Sourcing and Pricing Guidance for Customers

1. Costs have shifted from a one-way decline to divergence; offer validity should be shortened to three to five working days, with deliverable volumes stated clearly within that period.
2. Customers buying on need should purchase in batches according to production schedules; while the spread has not yet converged, it is unwise to lock in full volumes at once.
3. Hard resin grades are adjusting at different paces, so ABS and PS should be quoted separately; for styrene-related grades, wait for a second cost confirmation before assessing volumes.
4. Delivery times for some grades are tight; confirm actual vessel schedules and deliverable volumes before ordering, and allow buffer time for arrival and customs clearance.
5. For modified and specialty grades, advise monthly volumes in advance so that supply and scheduling can be coordinated and the risk of temporary shortages reduced.

6. Turning Signals to Watch

For any enquiries, please contact our sales specialists.

Disclaimer: This material is for market information reference only and does not constitute an offer, an invitation to trade, or any commitment on price, volume, quality or delivery time. Actual transaction terms are subject to formal confirmation.