Carbon Black Market Supply-Demand Change

November 3, 2025, 9:20 AM

TDD-global

1495

Guide

Highlights at a glance

The Carbon Black Index dropped to 5719 on October 31, down 109.75 from the previous day, reflecting continued market weakness. Coal tar prices in key regions like Shandong, Shanxi, and Hebei stabilized at 3,050 yuan/ton, but the high-temperature coal tar market remains in a downward trend, reaching new annual lows. This weak cost base has intensified bearish sentiment ahead of November. Carbon black production is rising as plants in Shandong and Hebei resume operations post-maintenance, while fewer facilities are expected to shut down during the approaching heating season, boosting supply. Despite temporary downstream shutdowns reducing overall demand slightly, end-of-month shipments increased and inventories declined. Buyers are adopting just-in-time procurement strategies amid price uncertainty, leading to sluggish negotiations and low market activity. With supply growing and demand stagnant, manufacturers are lowering offers to secure orders, keeping the market under pressure.

01 Carbon Black Index
According to data from TuDuoDuo, the carbon black price index was 5719 on October 31, a decrease of 109.75 from the previous trading day.

02 Carbon Black Market Price

03 Analysis of the Impact on the Carbon Black Market

1. Upstream Raw Materials: Coal tar prices in Shandong, Shanxi, and Hebei regions were all at 3050 yuan/ton. The high-temperature coal tar market continued its downward trend, with transaction prices in all regions hitting new lows for the year. The market is still digesting the negative factors.

2. Carbon Black Supply: Carbon black enterprises are increasing their operating rates. Enterprises in Shandong and Hebei have resumed operations after completing maintenance. Before the heating season, some enterprises in Hebei and Shandong plan to conduct rotational maintenance, and some enterprises in Shanxi are still undergoing maintenance. Overall, the operating rate of carbon black enterprises is showing an upward trend.

3. Downstream Demand: Some enterprises experienced temporary shutdowns and reduced operating rates, resulting in a slight decrease in the overall operating rate. At the end of the month, enterprise shipments were concentrated, and finished product inventory declined. Raw material prices remained weak, leading to increased bearish expectations among industry players for prices next month.

04 Market Outlook
As of now, the bidding price for raw material coal tar has continued to decline, essentially falling below the year's low. This cost-side negative impact on market negotiations has resulted in persistently low offers for new orders. With recent plant maintenance shutdowns nearing completion and the heating season approaching, fewer plants will undergo maintenance, leading to a gradual increase in the operating rate of the carbon black market. This has increased market supply, prompting manufacturers to negotiate lower prices to reduce inventory and secure subsequent orders. Downstream buyers are primarily stocking up for immediate needs, resulting in a stalemate in market negotiations and a generally subdued market atmosphere.

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