An invisible "petrochemicals-to-consumer goods chain" linked to international oil prices is coming into focus. Recently, the topic "sanitary napkin price increase" trended online, sparking widespread discussion. Many were surprised to learn that price fluctuations for sanitary napkins are connected to international crude oil prices.
With rising raw material costs for sanitary napkins, several brands have responded, acknowledging the impact but stating there are no immediate plans for price adjustments. As a daily necessity for most women, the core materials in sanitary napkins are not solely cotton. Key components primarily include superabsorbent polymers, non-woven fabric, backsheet, and hot melt adhesive, all derived from the petrochemical industry. After crude oil is refined, it produces basic materials like polyethylene (PE) and polypropylene (PP). Polypropylene is used for the skin-friendly top sheet of sanitary napkins, leak-proof barriers in diapers, and even the meltblown fabric in medical masks, while polyethylene is used for film packaging. A single, thin sanitary napkin relies on an extensive petroleum supply chain.
According to media reports, Henkel China, a world-renowned adhesive producer, has notified customers that raw material procurement costs have far exceeded controllable levels. The company announced a 20% price increase for its products effective March 17, 2026. Hot melt adhesive is a critical material in sanitary napkin production, used for structural bonding, elastic attachment, and adhesive backing. Experts suggest that cost pressures are likely to be passed down to the retail level, potentially increasing sanitary napkin prices by 3% to 8%.
"Currently, the prices of all materials used in sanitary napkins have risen. Product prices will likely adjust to some extent, as costs have increased," a manufacturer that produces sanitary napkins for various brands told reporters. However, for now, the surge in international oil prices has not yet reached consumers. A visit to offline supermarkets in Chengdu on April 8 revealed that sanitary napkin prices remained generally stable.
Reporters contacted several sanitary napkin brands including Freedom Point, Nice Princess, and Dovey. A representative from Dovey stated, "It确实 has an impact on us, but we have not yet received any plans for price increases." Furthermore, inquiries made by Zhongxin Jingwei, posing as consumers, to customer service of brands like Always, Kotex, PurCotton, Ta Yan She, Sofy, and Taotaoyangmian all received responses indicating no notifications regarding price changes have been issued yet.
The invisible test for essential consumer goods extends beyond sanitary napkins. The "petroleum chain" touches clothing, food, housing, and transportation. Materials derived from cracked crude oil, such as polypropylene, polyester, nylon, and acrylic, constitute a significant portion of the apparel market, used in thermal underwear and outerwear. High-frequency daily items like plastic wrap, plastic bottles (PET), takeout containers (PP), as well as the casings and linings of TVs, refrigerators, and air conditioners, and even components like dashboards and bumpers which can make up nearly 20% of a car's weight, all rely on the "invisible" hand of oil.
Data from Tonghuashun iFind shows that over the past month, polypropylene prices have increased by 23.51% cumulatively, while polyethylene prices have risen by 21.81% cumulatively. In terms of production capacity, PetroChina and Sinopec together account for half of China's polypropylene capacity, with Sinopec possessing the largest polyethylene capacity. A representative from a large petroleum refining company explained that such enterprises are typical "cost centers," purchasing crude oil upstream and delivering intermediate products like gasoline, diesel, and polyolefins downstream. Their profit margins are heavily constrained by national pricing mechanisms and industrial policies. "Price fluctuations upstream will inevitably be transmitted downstream gradually, but it requires a cycle," the representative said, noting that while some companies might seek excess profits through market operations, overall, price transmission follows market rules. Objectively, there is a buffer period from crude oil price increases to compressed refinery processing margins, then to adjustments in chemical product ex-factory prices, and finally to price hikes for end consumer goods.
How are high oil prices transmitted to consumers? China has multiple "buffer mechanisms" in place. On April 7, Brent crude spot price was reported at $109.77 per barrel, and WTI crude spot price at $112.41 per barrel. Over the past month, Brent spot prices have risen 28.52% cumulatively, while WTI spot prices have surged 38.76% cumulatively.
Zhao Dong, Vice Chairman of Sinopec, stated at an earnings conference on March 23 that since the disruption of navigation through the Strait of Hormuz, some crude oil resources within the Gulf have been unable to be exported, impacting supply. The company has urgently procured crude oil exported from Saudi ports via the Gulf of Aden (bypassing the Strait of Hormuz through pipeline route adjustments) and is actively seeking crude oil sources from non-Middle Eastern regions. Discussing the impact of high oil prices on different business segments, Zhao Dong noted that soaring prices significantly increase resource costs, along with substantial rises in freight and insurance expenses. He expects the refining and chemical business to face considerable challenges, although refined oil product sales remain generally stable.
In fact, as the world's largest crude oil importer, China's external dependency remains persistently high. According to 2025 data, this dependency ratio reached 72.7%, meaning that for every 10 barrels of crude oil used domestically, over 7 are imported. A China International Capital Corporation (CICC) research report points out that China's diverse crude oil import channels provide natural immunity against high oil prices. This transmission mechanism not only suppresses extreme volatility but also helps "protect" private refineries, maintaining their operational enthusiasm to ensure supply security. Essentially, China has established a multi-layered new energy security system to cope with oil price fluctuations.
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