The global Raffinate market exhibited a sluggish environment through the month of October 2025 despite increased availability. Weak crude and LPG fundamentals anchored the cost support levels experienced across China, India, and the United States. Refinery runs were steady across the key hubs, however, the quiet downstream markets and hesitant trading mentality led to a period of minimum activity. In China, sufficient availability and flat demand for MTBE kept trade slow. In the U.S. market, steady inventories and decent refinery run also helped to keep the markets stable. Across each region, oversupply along with a lack of sufficient buying momentum defined market activity. Traders have predominantly focused on doing term deals as they awaited better feedstock cues. Overall, the month of October demonstrated a period of consolidation for the global Raffinate market. This stabilization amid increased availability, weak demand fundamentals, and a cautious trading mentality kept markets stable but subdued, and set a cautious tone into the end of Q4, 2025.
