Chinese journalist, chen jiaji, beijing reporter
The domestic carbon and black industry is experiencing a double test of continued price bottoming and high costs, with a general downside of head-listed companies in the third quarter of 2025。
In recent days, carbon black listing companies such as dragonstar technologies (002442. Sz), youngdong shares (002753. Sz), black cat shares (002068. Sz) have disclosed three-quarter performance reports, all of which show a significant decline in net profits. In the first three quarters of 2025, the net profit of the black cat shares was lost at a loss of $55 million; the net profit of the yongdong shares was $48,893 million, a decline of 40. 46 per cent over the same period; and the net profit of the dragonstar technology was $6,099. 59 million, a decline of 45. 59 per cent over the same period。
In an interview with the newspaper china operator, yungdong-share related sources stated that the decline in performance was due mainly to lower product prices and high prices for raw materials。
Price shock at low level
As an essential and important material in the industrial economy, the carbon black industry is upstreamly linked to materials such as high-temperature kerosene, tar, ethylene tar, and is widely used downstream in areas such as tyres, paints, inks and other rubber products。
As at 29 september, the main operating area of the shandong market price for carbon black n330 was 6300-6500 yuan/t. The average price rose by 1. 59 per cent over the beginning of july, but the average price in the three quarters was 6465 yuan/t. It fell by 2. 2 per cent, down by 146 yuan/t。
According to the journalist, the price of the black and black carbon market in the third quarter of 2025 showed a precipitous trend, with the overall average weight moving down from the second quarter to approximately $146/ton. The traditional “golden 9” season has failed to deliver the expected market returns, with the combined effect of declining costs and abundant supplies。
Wang jin, the top-do carbon analyst, also told journalists that the carbon-black market was falling and falling in the third quarter of 2025, maintaining a low-level shock overall. Of these, prices in september were at quarterly highs, but the trend remained largely narrow and declining throughout the three quarters. In the shandong region, for example, the average local price was $6958 per ton, a decrease of 16. 61 per cent over the same period and a larger overall decline。
Liu xin predicts that the new energy expansion of the carbon and black industry over the past two years and in the future will lead to a more “hot” of supply and demand from the carbon and black industry. The decline in the volume of phased start-ups has made it difficult to alleviate the fact that supply is greater than demand in the market, that carbon black enterprises are less able to negotiate or become normal, and that it is not expected that there will be a significant upward trend in the price of the carbon black market in the four quarters of the year or that small and vulnerable fluctuations between current price zones will be maintained。
Looking at the pattern of supply and demand, liu believes that the long-standing contradiction between supply and demand will be the main driver in pricing the four-quarter carbon black market. It is expected that the overall level of work in the carbon-black sector will decline significantly in the fourth quarter, but demand will be insufficient and supply will exceed or increase further。
Wang jin shares the same view that the price of black carbon will maintain its weak operation, and that the coal-coated oil situation of raw materials is expected to show a positive or negative trend, which will not support the black carbon market。
The profit space is squeezed
As prices in the domestic carbon black market declined, the industry's profit margin narrowed and corporate profits were generally under pressure。
According to financial data, the performance of leading firms in the industry, although divided, is generally under operational pressure. Of this amount, the black cat stock earned $6,417 million in operating income in the first three quarters, a decrease of 12. 1 per cent over the same period, and the net profit loss for the mother increased to $213 million. The net loss in the third quarter alone amounted to $965. 64 million. In terms of black cat shares, it was stated that the main reason for the decline in performance was the decline in the unit price for the sale of black carbon。
Youngdong shares were also not spared. It achieved a net profit of $48,893 million in the first three quarters, a decrease of 40. 46 per cent over the same period. In addition, even the demonstration of a certain degree of resilience in dragon-star technology is difficult to shield from profit pressures. In the first three quarters, the company achieved an operating income of rmb 3,241 million, an increase of 3. 76 per cent over the same period, but net profits to the mother decreased by 45,59 per cent to rmb 6,09. 59 million over the same period。
Wang jin revealed to journalists that most of the carbon-black businesses were in a state of loss in the third quarter of 2025. In the shandong region, for example, local enterprises dominated by carbon-black n330 products had theoretically averaged $315. 69 per ton in the first quarter of 2025, a marked decline from the average profit level of $266. 57 per ton in the third quarter of 2024。
