On August 28, 2026, the composite benchmark price for general-purpose ABS stood at 10,430 RMB/tonne, up from 10,100 RMB/tonne on August 1; while the overall price level trended upward throughout the month, current prices remain in the low-to-mid range for the year. The market experienced a recovery rally this month, driven by supply contraction and strengthening upstream raw material costs; however, downstream acceptance remained limited. Although spot market inquiries increased, actual transactions were dominated by small orders based on immediate needs, with few large-volume bulk purchases, reflecting a tug-of-war between strong cost-and-supply dynamics and weak demand realities.
From January to July 2026, the structural optimization of ABS trade continued, primarily evidenced by a steady decline in net import dependency.
On the import side, China’s cumulative ABS imports totaled 429,300 tonnes during the January–July period, a year-on-year decrease of 74,600 tonnes (14.80%). The import structure showed distinct characteristics: imports of general-purpose injection-molding ABS continued to shrink as domestic substitution gained significant traction. Conversely, high-end modified ABS grades—such as high-flow, weather-resistant, flame-retardant, and ultra-high-impact varieties—as well as specialty grades, remained heavily reliant on imports; these constitute the core of current imports and are the primary reason why the domestic ABS trade structure cannot be rapidly reversed. Import sources remained concentrated in East Asia—specifically Taiwan, South Korea, and Japan—with supplementary supplies coming from the Middle East and Southeast Asia. On the export side, cumulative ABS exports reached 327,900 tonnes, a year-on-year increase of 133,900 tonnes (69.02%). Exports were primarily directed toward neighboring emerging economies, with Southeast Asia, Central Asia, and Africa serving as key markets for low-to-mid-end products. The export mix was dominated by general-purpose injection and extrusion ABS, with a negligible share of high-end modified products; consequently, the export portfolio remains undiversified with low added value, and overall export competitiveness is still in a phase of weak recovery. During July and August, the industry entered the pre-stocking phase ahead of the traditional peak season; while export orders saw a slight recovery, the overall magnitude was limited, failing to alter the pattern of sluggish annual growth.
A review of domestic ABS price trends in August shows that the market began the month at previous lows, with the industry suffering from persistent production losses. Downstream sectors—such as home appliances, toys, and electronic casings—were in their traditional summer off-season, resulting in limited release of end-market orders and low operating rates at processing plants. Driven by financial losses, some integrated producers voluntarily reduced ABS output, prioritizing the production of more profitable upstream monomer feedstocks. This caused a temporary contraction in available market supply, triggering a price recovery from the lows. Concurrently, upstream raw materials—styrene, butadiene, and acrylonitrile—strengthened, providing further cost-side support for ABS prices and driving continuous upward adjustments in market quotes.
As prices rose, downstream friction became apparent. Industries such as home appliances and small appliances implemented staggered holiday schedules, resulting in insufficient overall consumption momentum. Although there were expectations of pre-peak season restocking, large-scale centralized purchasing failed to materialize. Faced with higher raw material quotes, downstream buyers grew resistant to the elevated prices, limiting purchases to immediate, essential needs and resulting in lackluster trading volumes. On the supply side, the current tightening of supply stems from voluntary production controls rather than permanent plant closures; should processing margins recover, there is a possibility of restarting lines or increasing operating rates, meaning the supply contraction is reversible.
Significant divergence emerged across different product grades: while general-purpose commodity grades underwent a round of price recovery, follow-through in actual trading remained weak; conversely, supplies of specialty grades—such as heat-resistant and high-impact types—remained tight, and their quotes demonstrated greater resilience against declines. Social inventory levels had previously fallen to a moderate range following a destocking phase, but without active downstream restocking, further rapid inventory reduction remains unlikely.
Looking ahead, upstream raw materials continue to provide a floor for prices in the short term. Combined with current low operating rates among producers, ABS spot prices retain support at elevated levels; however, the reality of weak end-market demand is unlikely to improve quickly. Future market trends will hinge on several key factors: price fluctuations of the three major upstream monomers, adjustments to production operating rates, the pace of overseas import arrivals, and the actual volume of orders realized during the "Golden September" peak season for home appliances and consumer electronics. Unless there is a substantial recovery in end-market demand, the sustainability of the market trend—driven solely by supply contraction and cost-push factors—remains in doubt; a renewed downturn after an initial surge cannot be ruled out.
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