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US Plastics Markets Mixed as PE, PVC and China VAM Extend Declines, TPH Says

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The global petrochemical market saw a mixed tone last week, with most major resin and monomer prices under pressure despite stable crude, TPH Energy strategists said in a note on Tuesday.

US polyethylene edged lower by 1 cent to 64 cents/lb, tracking a modest build in April inventory data.

Matthew Blair, an analyst at TPH, said that despite the pullback, pricing remains elevated, sitting at about 65% above pre-war levels, underscoring still-tight structural conditions.

US polyvinyl chloride weakened further, falling 3 cents to 35 cents/lb amid subdued construction activity.

Blair said that even after the decline, PVC remains about 18% above pre-conflict benchmarks, though softness in demand continues to weigh on sentiment.

Vinyl acetate monomer in China fell 3 cents to 39 cents/lb, bringing it to just 7% above pre-war levels, reflecting continued normalization in regional chemical pricing.

Other segments, including methanol, caustic soda, and ethylene dichloride, were broadly stable over the week, suggesting limited downstream demand shocks outside select weak pockets.

The standout was US polypropylene, which rose 1 cent to 67 cents/lb after April inventories fell 2% on stronger domestic demand. The gain leaves PP about 57% above pre-war levels and marks a rare area of resilience within an otherwise softer pricing complex.

TPH analysts said the divergence highlights uneven downstream demand trends, with packaging and durable goods demand holding up better than construction-linked consumption.

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Commodities

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