In the United States, cellulose ether prices remained flat for the first three weeks of November 2025, with falling propylene oxide costs easing pressure, muted downstream demand, and balanced pulp supply keeping markets range bound. Inventories and cautious procurement avoided volatility, maintaining a steady but cautious market tone.
Prices for cellulose ethers in the US were broadly stable through the first three weeks of November as balanced upstream supply and muted downstream demand kept spot markets range bound. Market participants described conditions as steady but cautious, with neither strong bullish nor bearish forces emerging to disrupt the trend.
Upstream signals were mixed but not disruptive. Feedstock propylene oxide prices fell throughout the first three weeks of November, easing cost pressure for cellulose ether producers. In the pulp sector, China's restrictions on recycled pulp imports raised concerns among North American recyclers, though the U.S. remained self-sufficient as the world's largest pulp producer. Global pulp suppliers implemented small, regional price adjustments earlier in the autumn, but these were offset by ample finished goods inventories at North American distributors and suppliers' willingness to defend volumes with steady offers. Producers also recorded selective cellulose fiber uplifts in recent months, though analysts noted these had only limited immediate pass through to cellulose ether lines during November.
Downstream demand remained the dominant moderating factor. Construction-grade hydroxypropyl methylcellulose (HPMC) and other cellulose ether applications suffered from tepid procurement as contractors restrained activity ahead of winter. Other specialty end users, such as pharmaceuticals and paints, were still procuring normally but avoided accelerated restocking. This subdued consumption prevented price spikes for cellulose ethers in the short term even when upstream pulp costs nudged higher.
Market commentators emphasized that the main reason prices remained range bound was weakness in core downstream markets. In paper, International Paper recorded a net loss of USD 1.1 billion, on accelerated depreciation and facilities closures, while Sylvamo reported a 7% quarter-over-quarter sales increase, which was indicative of stronger regional markets. Cellulose ether indexes for North America showed only a slight quarter-on-quarter softening, underscoring a steady but tentative market tone rather than a structural up or collapse. According to analysts, the market continues to trade a tight line between vendors' desire to protect margins and buyers' reluctance to take on incremental inventory.
According to ChemAnalyst, the late-November and December outlook for cellulose ethers will depend on the interplay of a few short-term variables, including renewed pulp price momentum, supply disruptions in timber and logistics because of weather, and whether construction activity bounces back after the holidays. For now, however, one thing is clear: pricing for cellulose ethers in the U.S. market was largely stable, with minimal volatility as upstream adjustments and downstream demand offset each other.
