In the first quarter, the average price of general-grade EPS stood at Yuan 9,523/t, representing a 27.76% increase compared with the fourth quarter of 2025. China EPS exports reached 52,600 tonnes in January, rising 16.01% month-on-month and surging 74.09% year-on-year, before edging down to 34,800

In April, China's butadiene supply fell while weak downstream demand widened the supply surplus significantly. For May, limited supply cuts will fail to offset sluggish demand, pushing butadiene prices to soften from high levels.

China's PE output is anticipated to keep falling in April, as the maintenance will bring a record high for the output losses. This jointly with expectations of downward imports will pull down the overall PE supply to lower levels.

In Q1 2026, the average DOTP price reached Yuan 8,664/t, a gain of Yuan 1,574/t or 22% quarter-on-quarter. Theoretical quarterly production margins averaged Yuan 332/t in Zhejiang, up Yuan 349/t from a Q4 2025 loss of Yuan 17/t, and double the Yuan 166/t recorded a year earlier.

India introduced a temporary zero-tariff policy on phenol imports on April 2, 2026, and the move is anticipated to bring opportunities for China-India negotiations during this limited window.