Epoxy Resin Industry Chain Monthly Analysis (Nov 2025)
In November, most industries experienced their traditional off-season with insufficient market demand. As a result, prices across the epoxy resin industrial chain generally declined, with decreases ranging from 0.77% to 6.34%. In terms of profitability, the downtrend in prices intensified losses for most products within the chain, with only the glycerin market seeing a slight decline in losses during the month.
In terms of the monthly average prices, the phenol and acetone market faced limited changes on the supply side and weakening cost-side support in November. Coupled with subdued demand, there was a tug of war between sellers and buyers, leading phenol and acetone prices to fluctuate downwards. Specifically, the monthly average price of phenol stood at RMB 6,231/mt, down 4.46% MoM, while acetone prices averaged RMB 4,190/mt, down 0.77% MoM. For its downstream BPA market, supply-demand imbalances persisted, causing prices to consistently trend lower under pressure. However, as production losses widened due to the continued price falls, BPA prices stabilized and slightly rebounded after mid-November. The monthly average price of BPA was RMB 7,258/mt, down 3.91% MoM.
Under the dual bearish influence from the feedstock and the demand side, the negotiation focus in China’s glycerin market shifted downward. The monthly average price of glycerin registered RMB 9,223/mt, down 3.51% MoM. In the downstream ECH market, supply remained relatively ample, and producers showed a strong intention to sell. However, downstream demand remained underwhelming, leading to a downward trend in ECH market prices. The ECH monthly average price stood at RMB 11,390/mt, down 6.34% MoM, making it the product with the steepest decline in the epoxy resin industrial chain for the month. As a product closer to the end-user market, China’s epoxy resin market faced cost support reduction due to varying degrees of price drops in its two feedstocks. Along with insufficient downstream buying interest, epoxy resin producers resorted to discounting to promote sales, resulting in downward trends of epoxy resin prices. The monthly average price of epoxy resin was RMB 14,300/mt, down 4.49% MoM, which was the second-largest decline within the epoxy resin industrial chain in November.
From a profitability perspective, most products within the epoxy resin industrial chain experienced sustained losses in November, with the situation worsening. Specifically, the price declines for ECH and BPA exceeded the decreases in their respective costs, leading to expanded losses of RMB 1,330/mt and RMB 970/mt, respectively. These two products registered the most significant losses within the industrial chain. Their downstream product, epoxy resin, remained profitable. However, as its price also declined, its profit margin narrowed to RMB 187/mt in November. In addition, the price decline in the glycerin market in November was less severe than the decrease in its costs. Therefore, its loss shrank to RMB 46/mt, representing an improvement of RMB 189/mt compared to the loss in October.
In December, with the anticipated weakening of cost support and limited improvement in demand, the epoxy resin industrial chain is projected to experience a downward price trend in China. Specifically, China’s phenol market in December is expected to face pressure from both supply and demand fundamentals, compounded by a lack of cost-side support. This may lead to price fluctuations at low levels, with the mainstream price range for phenol forecasted between RMB 6,000-6,200/mt. China’s acetone market in December is likely to continue in a state of oversupply, with prices fluctuating. In the Jiangsu market, the expected negotiation range is between RMB 4,150-4,250/mt, with the average price estimated at around RMB 4,200/mt. Glycerin, affected by weak demand and an expected decline in international prices, is anticipated to trend downwards. The price range for glycerin (99.5%) in East China is projected to be between RMB 8,500-8,900/mt. For China’s BPA market in December, the supply-demand gap is not expected to widen significantly. Although lacking price pushers from the cost side, it may continue to provide a cushion for the bottom of the market. The mainstream price for BPA may slightly trend downwards, with its average price in the East China market expected to be around RMB 7,200/mt. In December, the ECH supply in China is expected to remain relatively ample, while demand-side support is weak. Market prices may see a slight decline, with the average price in the East China market projected at around RMB 11,100/mt. In China, December represents the traditional off-season for the epoxy resin market, with prices likely to fluctuate at low levels. The average monthly price of epoxy resin is forecasted at RMB 14,200/mt.
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