In April 2026, the domestic phenol market continued to decline, with the overall market briefly rising and then rapidly falling, and the price center continuously shifting downwards. The supply-demand contradiction and external factors dominated the downward trend in this round.
In April, the overall price of phenol showed a slight increase followed by a continuous bottoming out process. At the beginning of the month, it was supported by the geopolitical event of Saudi Arabia’s attack and the peak season of “Golden Three Silver Four”. In the first week, it continued to rise, with prices ranging from 9300-9700 yuan/ton, and mainstream enterprises simultaneously adjusted up their factory prices. On April 8th, crude oil and upstream pure benzene and propylene prices fell sharply, while phenol prices began to rebound. The daily decline on April 8th reached 2.24%, and on April 10th, it decreased by 2.14% compared to the beginning of the month. From mid month to the end of the month, the core regions of East China, Shandong, and South China experienced a simultaneous general decline. As of the end of the month, the mainstream domestic price remained in the range of 8800-9200 yuan/ton, with a significant decrease from the high at the beginning of the month.
（1） Cost side support collapse
The international crude oil prices plummeted sharply after running at a high level at the beginning of the month, driving down the prices of core raw materials such as pure benzene and propylene. Pure benzene fell by more than 7% in a single day, and the cost support for phenol completely collapsed, highlighting downward pressure.
（2） Weak demand side
Although there is a strong demand for downstream industries such as bisphenol A and phenolic resin, the high price of phenol has led to a sharp increase in downstream cost pressure. Enterprises have shifted their procurement to on-demand replenishment, speculative demand has disappeared, and the transmission of the industrial chain has been hindered, resulting in negative feedback.
（3） High level operation on the supply side
In April, the utilization rate of domestic phenol ketone production capacity remained at a high level of 86.0% -86.5%. Although some overseas enterprises reduced their losses, the impact on the domestic market was limited, and the stable supply intensified the pressure on circulation.
From the perspective of Shengyi Society, the short-term support for crude oil and raw material prices is limited, and downstream demand is difficult to recover quickly. The phenol market will continue to fluctuate weakly. There are long-term opportunities for export and high-end demand growth, but in the short term, supply-demand imbalance and weak costs remain dominant. It is expected that the market will continue to be weak in May, and attention should be paid to changes in crude oil, demand, and overseas supply.
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