The global phenol price trends for the final quarter of 2024 highlight a market undergoing steady adjustment, as downstream demand patterns, feedstock dynamics, and regional supply conditions continue to evolve. Phenol, a key raw material used extensively in bisphenol-A (BPA), phenolic resin, and nylon intermediates, experienced mixed pricing movements during the quarter, with year-on-year declines steadily narrowing toward the end of the year.In October 2024, phenol industrial grade prices in China were assessed at 1050 USD/MT, falling from 1205 USD/MT in the same month of 2023, marking a significant 12.9% YoY decline. This drop was primarily driven by weaker benzene feedstock costs, reduced production margins, and softer demand from downstream BPA and epoxy resin manufacturers. Weak global construction and electronics markets also contributed to subdued buying activity, prompting sellers to offer competitive pricing to stimulate demand.
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By November 2024, the market showed early signs of stabilisation. Prices reached 1070 USD/MT, down only 3.6% YoY from 1110 USD/MT in November 2023. The moderation in the rate of decline reflected improved production planning by manufacturers, tightening regional inventories, and slightly better consumption from downstream resin and plasticizers sectors. Although demand remained far from peak levels, the narrowing price gap indicated that the steep declines seen earlier in the year were beginning to level off.
In December 2024, phenol prices stood at 1090 USD/MT, just marginally lower than the 1100 USD/MT recorded in December 2023—a mild 0.9% YoY decrease. This comparatively stable performance was supported by recovering benzene feedstock prices and improved market sentiment as industrial activity showed signs of gradual revival across Asia. Export demand also strengthened modestly, adding additional support to phenol pricing during the final month of the year.
Looking ahead, Expert Market Research forecasts that phenol prices in 2025 are expected to show regional variation, influenced by feedstock benzene cost trends, fluctuations in global crude oil markets, supply–demand shifts, and operational rates across major production hubs. While Asia may continue to face measured demand recovery, European and North American markets are likely to navigate their own challenges tied to energy costs and downstream sector performance.
The Phenol Price Trends from October to December 2024 reflect a market moving toward stabilisation after a period of noticeable year-on-year declines. As demand fundamentals gradually strengthen and upstream costs begin to normalise, 2025 may bring a more balanced and regionally diversified pricing outlook for phenol.