Commodity Chemical Update—Polyurethanes (June 2026)

Research evidence excerpt

Commodity Chemical Update—Polyurethanes (June 2026)

Equity Research

Industry Update — June 17, 2026

Chemicals

Commodity Chemical Update—Polyurethanes

(June 2026)

MDI Prices in North America & Europe Increased in May,

Prices in Asia Decreased

Our Call Michael Sison

CMA reported North American and European MDI prices increased M/M in May partially Equity Analyst | Wells Fargo Securities, LLC

Michael.Sison@wellsfargo.com | 440-662-9664

due to supply tightness caused by turnarounds/production constraints, in addition to

Abigail J. Ebertsupward pressure from higher costs. In Asia, prices declined with energy prices.

Associate Equity Analyst | Wells Fargo Securities, LLC

Abigail.Eberts@wellsfargo.com | 332-877-5728

MDI Prices in Asia Decreased M/M in May, Increased in North America & Europe: CMA

reported North American polymeric MDI prices increased 11% M/M in May (polymeric

flat M/M), while prices also increased M/M in Europe (polymeric +26% M/M, monomeric

+18% M/M) and the Middle East (polymeric +20% M/M). Prices in Asia, meanwhile,

decreased M/M (polymeric -4% M/M, monomeric -3% M/M). North American benzene

prices moderated slightly to just under $1000/MT from a recent peak of >$1,100/MT.

Supply in North America Tightened, Higher Benzene Prices Pressure Margins: CMA

noted that MDI supply in North America tightened in May amid regional production

constraints (Freeport, Baytown, Geismar) and reduced import volumes There was some

seasonal increase in construction-related MDI demand, though volumes remained soft

overall. Demand for other applications was stagnant. Benzene prices remained elevated in

May, pressuring producer margins.

Increased Tightness in Europe, Asia Prices Mirroring Energy Prices: CMA reported