2026-11-09
Data updated to 9 November 2026, 07:35 HKT
Today's market view: Energy prices extended their weakness, easing cost pressure further than last week, though upstream discounting is not yet complete. Styrene and pure benzene remain the weakest links in the chain, butadiene has retreated from highs, acrylonitrile holds firm while making losses, and propylene has strengthened against the trend, turning monomers from a synchronised decline into a divergence. Resin spot markets are midway through their catch-up decline, with polystyrene and polypropylene under the heaviest pressure; ABS is relatively resilient as acrylonitrile costs constrain it, while HIPS lags on tightness in certain grades. Over the next one to three days, watch whether upstream discounting converges, whether downstream restocking is deferred again by colder weather, and how shipping-lane risks pass through to freight and landed costs.
The following are the latest oil prices as at 9 November 2026, 07:01 HKT; changes are measured against the previous trading day's official settlement for the same contract month.
| Grade | Latest Price | Change |
|---|---|---|
| Brent Jan 2027 | USD97.17/bbl | -1.15 (-1.17%) |
| WTI Dec 2026 | USD89.92/bbl | -0.91 (-1.00%) |
Previous trading day's official settlements: Brent 98.32, WTI 90.83 USD/bbl.
Oil prices have yet to find a floor after last week's slump of more than 16%. OPEC+ decided to keep output unchanged in December, and exports from four Middle Eastern countries rose about 10% month on month in October, leaving supply persistently loose; concern over weaker winter demand is also mounting, and the previous session's marginal rebound did not extend. Three tankers were attacked in succession along the shipping lane; the supply-disruption risk should have supported prices, but the market currently prefers to trade oversupply and weakening demand, so the geopolitical premium has failed to rebuild. The force limiting the decline still lies in the lane risk itself: should passage be interrupted again, prices could rebound quickly; conversely, if output holds and demand does not improve, the price centre will remain range-bound at low levels.
The table below shows the latest verifiable market reference prices and theoretical costs as at 9 November 2026, 07:35 HKT.
| Grade | RMB | USD | Market implication |
|---|---|---|---|
| SM | 10,170 CNY/t | 1,250 USD/t | Spot fell more than one percent again in a single day; the polystyrene cost line keeps moving lower, and South China ex-works prices were cut in step |
| BD | 14,533 CNY/t | 1,859 USD/t | Down nearly three percent from highs; the last cost support for hard resin has begun to loosen |
| AN | 12,850 CNY/t | 1,610 USD/t | Slight pullback at East China ports; still holding firm while making losses, making ABS costs the most rigid |
| C3 | 11,501 CNY/t | 1,435 USD/t | Up nearly two percent against the trend; the imported-route PP inversion widens |
| ABS | 13,232 CNY/t | 1,721 USD/t | Lower styrene offset by acrylonitrile; the cost decline is clearly smaller than for polystyrene |
| GPPS | 10,801 CNY/t | 1,368 USD/t | Highest styrene share; the largest cost decline in the whole chain |
| HIPS | 11,464 CNY/t | 1,469 USD/t | Butadiene retreats; the cost decline sits between ABS and GPPS |
| PP | 12,416 CNY/t | 1,589 USD/t | Stronger propylene pushes costs up, in a marked inversion against spot prices |
Note: SM, BD, AN and C3 are market reference prices in their respective currencies; the RMB and USD figures for ABS, GPPS, HIPS and PP are independent theoretical cost estimates, each calculated under the corresponding currency's raw-material system without FX conversion. Theoretical costs are for directional reference only and do not represent actual transaction prices or formal offers.
| Grade | Price Direction | Supply | Watch Points for the Next 1-3 Days |
|---|---|---|---|
| ABS | Steady to soft | Supply steady | Limited cost decline leaves selling prices close to the cost line; room for discounts is constrained by acrylonitrile, and whether volumes can expand is the key |
| GPPS | Steady to weaker | Supply normal | Low-end grades are already close to the cost line; a further decline needs styrene to break lower, so watch modified materials for follow-through |
| HIPS | Steady to soft | Some grades tight | Low-end grades sit below the cost line; butadiene support is weakening yet shortages remain unresolved, grade spreads are widening, and lead times must be confirmed batch by batch |
| PP | Steady to weaker | Supply on the loose side | High maintenance levels underpin the floor, but expected new capacity caps the upside; rebounds lack momentum amid the inversion, so watch how the futures-spot spread converges |
| PE | Steady to soft | Ample supply | Lacks an independent driver and tracks energy and olefin costs; watch arrival pace and downstream operating rates |
| Transparent ABS | Steady to soft | Specialised grades tight | Moves in step with general ABS; supply of specialised grades is concentrated, so confirm available volumes before ordering |
Note: "Price direction" is a directional view for the next 1-3 days and does not represent specific prices; "Supply" reflects deliverable cargoes and lead times.
· War-risk insurance and surcharges push up logistics costs: premiums on high-risk legs remain several times normal, carriers widely impose surcharges, and freight and insurance now take a larger share of landed prices.
· Longer confirmation of schedules and space: some carriers have adjusted port calls and routing, stretching the window from booking to departure, with limited space available for urgent orders.
· Delayed pass-through to landed costs: the retreat in energy has yet to show up in import resin landed offers, and landed costs are unlikely to fall markedly in the near term.
· Phased tightening of regional supply: some plants in South China are under maintenance, arrivals of certain grades are slow, and deliverable volumes and lead times vary.
· A tight logistics window: mid-month sailings and port operations are becoming congested, so buffer time should be allowed for container pickup and customs clearance.
1. Upstream discounting is not yet complete; quotation validity should be shortened to three to five working days, with available volumes and shipping schedules stated clearly in the quotation.
2. Customers with firm requirements should buy in batches according to production schedules; before spreads converge, it is unwise to lock in a full month's volume at once.
3. ABS and PS cost rhythms diverge and should be quoted separately; for PP, assess bulk volumes after the futures direction is confirmed.
4. Lead times for some grades are tight; confirm actual shipping schedules and available volumes before ordering, and allow buffer for arrival and customs clearance.
5. For specialty and modified grades, advise monthly volumes in advance so that supply and scheduling can be coordinated.
| Market May Strengthen | Market May Weaken Further |
|---|---|
| • If shipping passage is interrupted again and drives freight and war-risk premiums sharply higher, costs may regain support • If styrene and pure benzene stop falling and stabilise, the cost floor for polystyrene and ABS may be confirmed • If downstream restocking exceeds the seasonal pace and producers' new offers are raised with trade confirmed, the price centre may recover | • If crude falls further below the key range and drags naphtha and styrene down in step, cost support may weaken markedly • If new PP capacity comes on stream earlier and the futures-spot spread converges through spot declines, the fall may accelerate • If acrylonitrile gives up its firm stance, the last cost support for ABS 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.
