果酱视频

Prices of Polyurethane Resin exhibited mixed trends across the global market in May 2025. The U.S. market remained stable at the lower end of the price spectrum, while marginal recoveries were reported across the European and Asian markets. Supply conditions for Polyurethane Resin generally showed signs of gradual tightening in most regions as May progressed鈥攅xcept in Europe, where availability remained ample due to redirected Chinese cargoes originally intended for the U.S.

Demand fundamentals for Polyurethane Resin remained sluggish across all major regions, particularly from the key downstream construction sector. The U.S. was the only exception, with data from the U.S. Census Bureau indicating a 1.6% increase in housing starts in April 2025, largely driven by stronger multifamily projects. However, this improvement was insufficient to offset the 11% decline recorded in March, keeping overall consumption of Polyurethane Resin in the broader U.S. market subdued.

Despite a decline in domestic production during April 2025鈥攁s reported by the American Chemistry Council (ACC), with total U.S. plastic resin output falling by 8.7% to 8.0 billion pounds鈥攕upply conditions for Polyurethane Resin remained stable, with no significant logistical disruptions. Suppliers continued to draw down existing inventory backlogs, maintaining ample availability and a prevailing bearish undertone in the Polyurethane Resin market.

Political uncertainty and ongoing ambiguity surrounding U.S. trade tariffs further contributed to stagnation in the Polyurethane Resin market, with sellers reluctant to reduce prices and buyers hesitant to commit amid weak demand. Export activity remained moderate, while chemical railcar loadings fell slightly by 0.1% to 33,088 railcars, reflecting continued inventory pressure for Polyurethane Resin.

In Europe, a slight recovery in Polyurethane Resin prices was observed; however, redirected Chinese cargoes originally bound for the U.S. continued to weigh on the market. The U.S.-China trade dispute resulted in a surplus of Polyurethane Resin and related materials in Europe, as Chinese exporters diverted significant volumes of MDI and TDI shipments. This oversupply led to highly competitive pricing, putting downward pressure on local Polyurethane Resin markets.

With the recent easing of trade tensions between the U.S. and China, larger volumes are now expected to flow back into the U.S. market, which should help normalize Polyurethane Resin supply conditions in Europe. Nonetheless, demand in Europe remained weak, with the key downstream segments of comfort, automotive, and furniture unable to provide any significant boost to Polyurethane Resin consumption. Construction activity showed minor signs of recovery, but most processors continued to report that order books were only two-thirds full.

Meanwhile, the availability of low-priced imports in Europe began to diminish as major producer Wanhua Chemical announced a USD 100/tonne price increase for MDI. This development raised the production cost of Polyurethane Resin across the broader Asia-Pacific (APAC) region. Consequently, market participants in Europe noted a gradual disappearance of earlier lower-priced cargoes, reinforcing the trend toward a firmer Polyurethane Resin price environment.

A recovery in Polyurethane Resin prices was also observed across East Asian markets, supported by planned maintenance shutdowns, declining production and inventories, and a rise in shipments. In the Far East Asian market, including Japan, April 2025 production data showed that Polyurethane Resin output fell from 13,556 tonnes to 13,523 tonnes, representing a decrease of approximately 0.2%, while inventories dropped from 3,848 tonnes to 3,783 tonnes, a decline of around 1.7%, further pushing up Polyurethane Resin prices. Additionally, MDI feedstock prices rose by approximately 7% and remained stable toward the end of May, contributing to higher Polyurethane Resin costs in the Japanese market. Several East Asian markets remained under maintenance or operated at reduced capacities, limiting supply and supporting the Polyurethane Resin price recovery. Tight supply was further corroborated by a 1.7% increase in Polyurethane Resin shipments, which rose from 12,883 tonnes to 13,100 tonnes.

Overall, Polyurethane Resin prices across the U.S. market declined by approximately 6% during May 2025 and remained stable toward the month鈥檚 end. In Europe, Polyurethane Resin prices initially recovered by about 1.8% but fell by approximately 7% as May drew to a close. Meanwhile, in Japan, Polyurethane Resin prices remained elevated for much of May and rose by approximately 1% by month-end.

Looking ahead, expectations of price increments remain prevalent across the global Polyurethane Resin market. In the U.S., Polyurethane Resin feedstocks are likely to remain volatile amidst ongoing trade uncertainties. In Europe, Polyurethane Resin prices are expected to remain under pressure from competitive Chinese imports. However, in the APAC region, Polyurethane Resin prices are expected to increase following Wanhua Chemical鈥檚 MDI price hike of USD 100/tonne, coupled with scheduled maintenance turnarounds in South Korea, Japan, and China, which are expected to tighten regional Polyurethane Resin supply further.