Commodity Chemical Update—Plastics & Polymers (May 2026)

研报英文原文证据摘录

Commodity Chemical Update—Plastics & Polymers (May 2026)

Equity Research

Industry Update — May 12, 2026

Chemicals

Commodity Chemical Update—Plastics &

Polymers (May 2026)

PE Prices Increased $0.30/lb M/M in April, CMA Sees No

Price Increase for May, We See +$0.20/lb Possible

Our Call Michael Sison

CMA reported PE prices increased $0.30/lb M/M in April, which was the high end of Equity Analyst | Wells Fargo Securities, LLC

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

nominations. However, the PE market lengthened slightly toward the back half of the

Abigail J. Ebertsmonth amid an increase in exports from Asia due to weak domestic demand.

Associate Equity Analyst | Wells Fargo Securities, LLC

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

PE Prices Increased M/M in April: CMA reported North American PE prices increased

$0.30/lb M/M in April (a record, 3x the prior record of $0.10/lb last month). This was at

the high end of producer nominations for the month as ongoing global supply tightness

continued to put upward pressure on prices. Domestic demand had reached record levels

in March but declined slightly in April. Producers continued to run at elevated rates and

CMA believes domestic inventories increased during the month.

Integrated Margins Increased M/M in April: CMA reported North American integrated

margins increased 103-109% M/M in April (varying by grade), driven by substantially

higher PE prices as well as stronger ethylene margins (ethylene prices increased M/M

while production costs decreased M/M). Looking ahead, CMA sees integrated margins

more than doubling Y/Y in 2026E, up 105-115% Y/Y (vs. +84-93% Y/Y prior), though CMA

now sees integrated margins down 22-25% Y/Y in 2027E (vs. -13-14% Y/Y prior).