China's Nanhua petrochemical index rose 6.0 percent in the week reported on 2 November 2026, with operating rates for bitumen and some chemical products increasing.
The report noted that domestic demand indicators remained weak, with new home sales down 18.8 percent year on year and passenger car retail sales down 26 percent.
External demand was stronger: port container throughput rose 10.7 percent over four weeks, South Korea's exports in the first 20 days of October jumped 105.4 percent year on year, and the US manufacturing PMI rose to 56.
Brokerage research cited by the report said petrochemical price gains reflected downstream restocking and stronger cost pass-through, with export-chain sentiment exceeding expectations.
The report argued the price divergence reflects demand stratification, with petrochemicals benefiting from overseas energy tightness and restocking while property-linked materials remain under pressure.
