2026-11-06
Data updated to 6 November 2026, 07:35 HKT
Today's market view: Energy has rebounded from lows, yet the catch-up decline in chemical spot markets has only just begun, leaving costs caught in a divergence of recovering crude and softening monomers. Styrene and pure benzene led the decline, acrylonitrile fell for the first time after hitting a high, butadiene held firm at high levels, the net decline in hard-resin costs stayed limited, and support for polypropylene weakened markedly. Resin spot markets are in the opening stage of a catch-up decline, with pressure most concentrated in GPPS and PP; ABS concessions are constrained by acrylonitrile, while HIPS is proving resilient. Over the next one to three days, watch how the spot catch-up decline and the crude rebound converge, and whether monomers can stop falling in step.
The following are the latest crude oil prices as of 05:33 HKT on 6 November 2026, with changes measured against the official settlement of the same contract month on the previous trading session.
| Grade | Latest Price | Change |
|---|---|---|
| Brent Jan 2027 | USD99.02/bbl | +0.73 (+0.74%) |
| WTI Dec 2026 | USD91.08/bbl | +0.56 (+0.62%) |
Previous trading session official settlements: Brent 98.29 and WTI 90.52 USD/bbl.
This rebound stems from a repricing of supply-disruption risk: throughput through the Strait of Hormuz is only about three-quarters of pre-conflict levels, several vessels in the Persian Gulf have been attacked, expectations for a resumption of sailings have been pushed back, and the fall of more than eight percent in the previous session has therefore narrowed. Forces capping the upside are also present: the pipeline bypass option is still under evaluation, consecutive draws in US commercial crude inventories have drawn no response, and demand remains weak. Once transit is genuinely restored, the geopolitical premium is likely to be given back again.
The table below sets out the latest verifiable market reference prices and theoretical costs as of 07:35 HKT on 6 November 2026.
| Grade | RMB | USD | Market implication |
|---|---|---|---|
| SM | 10,280 CNY/t | 1,240 USD/t | Spot down nearly six percent in a single day; the polystyrene cost line is shifting lower fast |
| BD | 14,933 CNY/t | 1,864 USD/t | Maintenance and reduced external sales lend support; the only monomer in the chain not following the decline |
| AN | 12,900 CNY/t | 1,820 USD/t | Pulled back after a five-year high; ABS costs still propped up |
| C3 | 11,301 CNY/t | 1,421 USD/t | Following the decline but with a lag; PP cost support weakening |
| ABS | 13,554 CNY/t | 1,761 USD/t | Styrene collapse offset by acrylonitrile; costs only slightly lower |
| GPPS | 11,177 CNY/t | 1,358 USD/t | Highest styrene share; largest cost decline |
| HIPS | 11,852 CNY/t | 1,460 USD/t | Butadiene steady; cost decline smaller than GPPS |
| PP | 12,214 CNY/t | 1,575 USD/t | Propylene pullback drags costs lower, diverging from spot |
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 separately under the feedstock system of the respective currency and not converted at exchange rates. Theoretical costs are for directional observation only and do not represent actual transaction prices or official offers.
| Grade | Price Direction | Supply | Watch Points for the Next 1-3 Days |
|---|---|---|---|
| ABS | Steady to soft | Supply steady | Costs lower on a net basis but only modestly; high-end grades show weak acceptance after discounts, and whether volumes can expand is the key |
| GPPS | Steady to weaker | Supply normal | Cost-offer divergence widening and catch-up pressure concentrated; watch low-end grades and modified materials follow |
| HIPS | Steady | Some grades tight | Butadiene at high levels provides support, more resilient than GPPS; lead times for scarce grades must be confirmed batch by batch |
| PP | Steady to weaker | Supply loose | Futures-spot spread at historic highs, spot catch-up pressure concentrated; watch how the day-session limit-down opens |
| PE | Steady to soft | Supply ample | Lacking independent drivers, tracking energy and olefins cost swings; watch new capacity and arrival pace |
| Clear ABS | Steady to soft | Specialty grades tight | Moves in step with general-purpose ABS; rising availability caps highs, confirm deliverable volumes for specialty grades first |
Note: “Price Direction” is a directional view for the next one to three days and does not represent a specific price; “Supply” reflects deliverable cargo availability and lead times.
· Shipping routes still restricted: safety incidents involving commercial vessels have not subsided, some routes are being diverted at short notice, and more time is needed to confirm schedules and space.
· Freight and war-risk premiums elevated: freight on the Middle East-Asia leg and premiums on high-risk segments remain several times normal and will not ease in step with oil prices.
· Sticky landed costs: declines in the landed prices of imported resin lag the energy side, and landed costs are unlikely to move down clearly in the short term.
· Periodic tightening of regional supply: some South China plants are under maintenance, arrivals of certain grades are slow, and available volumes and lead times vary.
· Tight logistics windows: with mid-month approaching, shipping schedules and port operations are tightening; allow buffer for container pickup and customs clearance.
1. Costs have shifted from a one-way decline to divergence; quotation validity should be shortened to three to five working days, with available volumes clearly stated.
2. Need-based customers should buy in batches in line with production schedules; before spreads converge, it is not advisable to lock in the full volume at once.
3. ABS and PS are moving at different paces and should be quoted separately; for polypropylene, assess volume after the day-session direction is confirmed.
4. Lead times are tight for some grades; confirm actual shipping schedules and available volumes before ordering, and allow buffer for arrival and customs clearance.
5. For modified and specialty grades, advise monthly volumes in advance so that supply and scheduling can be coordinated.
| Market May Strengthen | Market May Weaken Further |
|---|---|
| • If the crude rebound continues and pulls naphtha and styrene off their lows, cost support may strengthen again • If downstream restocking exceeds the seasonal pace and producers raise new offers with volumes confirmed, the price centre may recover • If shipping transit and regional supply tighten again, freight and landed costs would rise together | • If styrene breaks below its key range and drags pure benzene lower, polystyrene cost support may weaken markedly • If the PP futures-spot spread converges through spot declines, the spot follow-through may exceed expectations • If butadiene and acrylonitrile give up their firm stance, the last support for hard-resin costs may fail |
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Disclaimer: This material is provided for market information reference only and does not constitute an offer, an invitation to buy or sell, or any commitment on price, volume, quality or shipping schedules. Actual transaction terms are subject to formal confirmation.
