[Introduction]: In April 2026, China's ethylbenzene market showed divergent performance due to weakening cost support. Supply and demand were in a low-level stalemate, leading to mixed price movements. Looking ahead to May, weak raw material and downstream demand expectations suggest downward pressure on the market.

Review of April Market Performance
South China market: Delivered offer prices ranged from a high of 9,100 RMB/ton to a low of 8,600 RMB/ton, with a spread of 500 RMB/ton and an amplitude of 5.81%. The overall trend was initially upward, then stabilized, with a slight upward fluctuation supported by tight supply, and later became flat.
North China market: Delivered offer prices ranged from a high of 9,500 RMB/ton to a low of 8,950 RMB/ton, with a spread of 550 RMB/ton and an amplitude of 6.15%. The trend was initially strong then weak, with volatile declines driven by falling raw material and downstream prices. Producers lowered quotations, and market transactions were sluggish.

Raw materials analysis (as of mid-May): In April, raw materials for ethylbenzene performed unevenly. Benzene and ethylene declined slightly, while crude oil fluctuated modestly upward. Overall, cost-side support for the ethylbenzene market was weak, which dampened market sentiment.

Table 1: Changes in Domestic Ethylbenzene Raw Material Prices in April 2026
(Table header: Raw Material | May 14 | April 1 | Change | Change % | Unit)
NYMEX Crude Oil | 101.17 | 100.12 | 1.05 | 1.05% | USD/barrel
ICE Brent Crude Oil | 105.72 | 100.16 | 5.56 | 5.55% | USD/barrel
East China Benzene | 8160 | 8495 | -335 | -3.94% | RMB/ton
CFR Northeast Asia Ethylene | 1180 | 1440 | -260 | -18.06% | USD/ton

Supply-side feedback: In April, domestic ethylbenzene was mainly consumed by producers for captive use. The available spot supply in the market was relatively small. Overall, the ethylbenzene market exhibited a stalemate with low supply and low demand. During the month, spot ethylbenzene supply mainly came from Daqing Refining and Guangzhou Petrochemical, with no effective import or other channel supply entering the market. In terms of profitability, theoretical production and sales margins for ethylbenzene were poor for most of the period, leading most ethylbenzene plants to prioritize further processing into styrene, with limited external sales. In general, the domestic ethylbenzene market was small in volume, with clear spot sources and limited total trading volumes.

Table 2: Changes in April Ethylbenzene Producer Prices and Major Market Prices
(Table header: Producer/Market | May 14 | April 1 | Change | Change % | Unit)
Guangzhou Petrochemical | 8600 | 8200 | 400 | 4.88% | RMB/ton
Maoming Petrochemical | 8550 | 8150 | 400 | 4.91% | RMB/ton
South China Market Offer | 9050 | 8650 | 400 | 4.62% | RMB/ton
North China Market | 8550 | 9450 | -900 | -9.52% | RMB/ton

Key ethylbenzene markets:
North China: In early April, driven by a slight rise in costs and major downstream products, ethylbenzene market quotations increased, showing volatile small gains. In mid-to-late April, crude oil prices fluctuated downward, and cost-side support retreated after the rise. Although spot ethylbenzene supply remained scarce, downstream product prices fell, and downstream buyers adopted price-reducing strategies, pushing the ethylbenzene market into a downtrend. However, due to the overall low supply-demand pattern, the stalemate between buyers and sellers somewhat limited the speed and magnitude of price declines.
South China: In early April, the South China ethylbenzene market rose slightly following raw material trends. Subsequently, most output from local major ethylbenzene producers was used for captive consumption or contract customers, leaving extremely limited spot supply available for sale, further reinforcing the low supply-demand pattern. Market transactions were sluggish, and prices remained relatively stable with little fluctuation.

Major downstream – styrene: Data show that the styrene market also exhibited an initial strength followed by weakness in April. Price levels from early April to mid-May were lower than at end-March. During the month, styrene prices in major markets fell by 9.59% to 11.32%, creating clear bearish pressure on the ethylbenzene market.

Table 3: Changes in April Ethylbenzene’s Main Downstream Styrene Prices
(Table header: Styrene Market | May 14 | April 1 | Change | Change % | Unit)
Jiangsu ex-works | 9315 | 10415 | -1100 | -10.56% | RMB/ton
South China delivered | 9600 | 10825 | -1225 | -11.32% | RMB/ton
North China delivered | 9425 | 10425 | -1000 | -9.59% | RMB/ton

Market outlook
Raw materials:
Benzene: Based on May supply and demand data, social inventories of benzene are expected to decline significantly. However, this positive factor has already been repeatedly digested in the earlier market. Current market focus has shifted to terminal and downstream demand feedback, so further upward resistance for benzene is likely to increase. Meanwhile, expectations of easing geopolitical tensions may have a weak impact on crude oil, leading to adjustments after the rise in benzene.
Ethylene: Ethylene prices in domestic and foreign markets are expected to have further room to decline in May. Domestically, as some naphtha crackers increase operating rates, ethylene commodity supply remains ample, and competitive pricing for sales may continue. On the demand side, due to profit pressure or planned maintenance, some domestic ethylene oxide and PVC units are reducing operating rates or shutting down, reducing market external procurement demand. Overall, ethylene prices are likely to fall, with the expected operating range for East China ethylene at 8,200-8,550 RMB/ton. In the import market, Japanese and Korean crackers are expected to increase operating rates, while domestic PVC units collectively reduce rates, leading to a significant decline in import buying interest. The import market is shifting from a tight balance to a looser one, also forecasting weakening in U.S. dollar-denominated prices, with an expected trading range of 1,150-1,350 USD/ton.

Downstream:
Styrene, as the main downstream of ethylbenzene, is expected to remain primarily captive-use. In some regions, there may be limited spot purchases for further processing into styrene during the month, while other fine chemical downstream sectors mainly rely on fixed contracts, limiting spot ethylbenzene procurement. Overall, demand for ethylbenzene from fundamentals is acceptable, but spot demand expectations are poor.

From ethylbenzene producers' perspective, captive use is likely to continue in the coming period, with spot availability remaining largely unchanged. Total domestic ethylbenzene supply is expected to stay at a low level. Supply and demand are likely to maintain a low-volume stalemate. Given the weak outlook for both raw materials and downstream, the domestic ethylbenzene market is expected to show a weak consolidation trend in May.