Phenol Price Report — Week 3, September 2026: China, US Gulf, Europe and India

Phenol (CAS 108-95-2) is one of the highest-volume chemical intermediates traded in the world. Its price moves every week.

This week produced a split worth watching: China and Southeast Asia gained USD 70 per tonne while the US Gulf lost USD 29. The two markets moved in opposite directions.

Data snapshot: close of 15 September 2026 (China domestic spot, 16 September). Next update: 25 September 2026.

Weekly price table

In one line: Asia is firm, the Americas are soft.

China: spot prices follow the import market higher

China domestic spot prices, 16 September 2026, RMB per tonne:

• East China: 9025
• Shandong: 9100
• Henan: 9325

The spread between the three regions is under RMB 300/t, which is normal. It reflects freight and local operating rates.

One point on methodology. CFR China is a landed assessment in US dollars and includes freight and insurance. Domestic spot is an ex-works RMB price that includes VAT. The currency, tax treatment and delivery point all differ, so the two figures are not directly convertible. Converted at the current exchange rate plus import VAT, they are currently sitting in roughly the same band.

US Gulf: the only market that weakened this week

FOB US Gulf is quoted at USD 1543/t, down USD 29 on the week.

The US Gulf remains the highest-priced market in the world, about USD 434/t above CFR China. But that gap narrowed this week.

Our read: US supply is comfortable while Asia is supported by turnarounds and restocking, so the two markets are running on separate fundamentals for now. [Add your own first-hand trade detail here.]

Europe and India: modest gains

Both European assessments moved up: FD NWE at EUR 1290/t (+14) and FOB Rotterdam at USD 1383/t (+21).

CFR India rose USD 10 to USD 1283/t. India produces almost no phenol and relies on imports, so its price tracks CFR China closely and usually swings less than the Chinese market does.

Three drivers behind this week's move

Phenol is not priced by a single factor. Understanding these three drivers matters more than memorising a number.

First, feedstock cost. Around 95% of phenol is made via the cumene process from benzene and propylene. Both derive from naphtha and crude. When feedstocks rise, phenol follows almost automatically.

Second, the value of the acetone co-product. Every tonne of phenol yields roughly 0.6 tonnes of acetone. This is the single most important thing to understand about phenol pricing. When acetone demand weakens and its price falls, producers may cut operating rates even while phenol demand looks healthy. That is why phenol sometimes moves against its own supply-demand picture.

Third, plant rates and logistics. Turnaround schedules, unplanned outages and phenol's awkward transport profile all feed into price. Phenol melts at 40.5 °C, so it must move in heated road tankers or insulated ISO tanks. When tank capacity is tight, landed prices rise faster than ex-works prices. For the shipping detail, see our phenol export and shipping guide.

For a breakdown of demand by downstream sector, see phenol uses and applications.

Should you lock in a price now?

The right answer depends on what kind of buyer you are.

Monthly contract buyers. If you consume a fixed volume every month, lock in tranches rather than committing in one go. Asia is in an upward channel this week, so committing the full volume at the top carries real risk.

Spot replenishment buyers. China's current rally is driven by turnarounds plus restocking. If your stock lasts into October, waiting for the turnaround season to end is reasonable.

Re-export and trading buyers. CFR India at USD 1283/t against CFR China at USD 1109/t leaves a USD 174/t spread. Routes that still work after freight and duties are worth running the numbers on.

To price a real shipment to your port and volume, request a quote.

How to read a phenol quotation

Before you compare numbers, confirm these four things:

1. Incoterms: FOB, CFR or CIF. The same supplier quoting FOB and CFR can differ by tens of dollars per tonne.
2. Form: molten, crystal or solution. Form changes both price and freight.
3. Volume and packaging: 200 kg drums, 1000 kg IBCs, or ISO tank and bulk vessel. Drummed material always carries a premium over bulk.
4. Validity: commodity chemical quotes are typically valid only for a short window.

For grades, packaging and regular stock positions, see our phenol supplier page.

Historical prices (updated every Friday)

All figures USD per tonne. Updated every Friday. Historical rows are kept, never deleted.

Frequently asked questions

How often is this price table updated? Once a week, on Friday. The snapshot is taken at the week's close.

Why is my quotation different from the numbers here? Quotes vary with volume, Incoterms, form, packaging and payment terms. The table shows market reference levels, not transaction prices. Bulk orders usually clear below reference; small drummed lots usually clear above.

Why is US phenol so much more expensive than Chinese phenol? The two markets are relatively independent. US energy costs, the acetone market and the downstream mix all differ from China's. This week's gap of about USD 434/t is at the high end of its historical range.

Can I lock in a price, and for how long? Yes. Contract customers can typically fix a price for one to three months. The exact term depends on volume and payment terms — specify your requirement when you request a quote.

Is there a seasonal pattern in phenol prices? There is one, but it is weak. Q1 tends to firm on downstream restocking, and mid-year volatility rises with the turnaround season. What actually sets the price is benzene and propylene, plus the acetone co-product.

What to watch next week

• When Chinese turnarounds end — this decides how long the current rally runs
• Acetone pricing, which often turns before phenol does
• Whether the US Gulf–China spread keeps narrowing

Data source: public market assessments and trade estimates, snapshot 15–16 September 2026. Figures are reference levels; actual business is done at quoted prices.