At the end of December 2025, the domestic ABS market will rise at a low level, with some grades reporting high spot prices. According to the Commodity Market Analysis System of SunSirs, as of December 31st, the average price of ABS sample products was 8,250.00 RMB/ton, with a year-on-year increase or decrease of -3.82% in price level.

Fundamental analysis

Supply level: Since December, the domestic ABS industry has had a large and stable load with small fluctuations. Within the range, there were mixed ups and downs, with Jilin Petrochemical's load increasing, Zhejiang Petrochemical's maintenance tasks for some units ending, and a unit in Shandong operating with reduced load. By the end of the month, the overall operating level of the industry was around 69%, with an average weekly output of nearly 150,000 tons. The on-site supply remains abundant, and the inventory of aggregation enterprises above 250,000 tons is slightly digested at a high level. Overall, the long-term loose supply pattern in the ABS market remains unchanged, and the supply side's support for ABS spot prices continues to be weak.

Cost factor: During December, the market differentiation of ABS upstream three materials had a moderate impact on the cost side of ABS. The capacity utilization rate of the acrylonitrile industry remains above 80%, with an increase in excess inventory and market volatility. However, downstream users have abundant inventory, average purchasing enthusiasm, and poor trading in the spot market. There are still expectations of a short-term downturn, but cost pressure continues to exist, which still restricts the downward space of the market.

The market situation of butadiene in the first half of the year was similar to that of acrylonitrile, with abundant supply but weak downstream demand. Under the dual negative impact, the overall volatility of the butadiene market was weak. However, in the second half of the month, due to the increased willingness of the supply side to raise prices and the linkage effect of rising external prices, it is difficult to find low prices in the current market. And the production capacity utilization rate of major downstream products such as butadiene rubber and styrene butadiene rubber remains high, with stable procurement demand, driving up the volatile price of butadiene market.

After the styrene market rose this month, it sorted out. Although the raw material pure benzene market is constrained by demand and hindered from rising. However, many styrene plants in the middle of the month have unplanned shutdowns, and the supply side is gradually strengthening. At the same time, downstream profits have recovered and construction has rebounded. At the end of the month, the export market performed well, and the demand side steadily followed suit. At the end of the month, the styrene market has rebounded slightly, but it is expected that the supply side will increase and port arrivals will increase in the future. It is expected that the styrene market will fluctuate in the short term.

On the demand side: In December, the consumption of ABS's main downstream electrical appliance shell industry weakened, resulting in unsatisfactory profitability for end enterprises and no increase in future production. However, the low spot prices in the latter half of the year have led to an increase in buyers' buy in operations. The downstream demand for ABS has shown a phased increase, and the flow rate of goods has improved. The inventory location of merchants has been reduced, and companies and merchants are trying to overestimate. Overall, the demand side has slightly improved its support for the ABS market.

At the end of December 2025, the domestic ABS market rebounded at a low level. The production load of the aggregation plant is stable with small fluctuations, and the consumption side is releasing empty orders for replenishment. SunSirs analysts believe that the supply-demand imbalance of ABS is still present, while the upstream three material market is generally supportive. Recently, buying orders at low prices have shown strong momentum, easing supply pressure in the short term. It is expected that ABS will consolidate at a high level in the future.

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