Polymer spreads were mixed WoW. HDPE-naphtha was the standout, rising 5% WoW to a two-month high of US$443/t, reflecting stronger downstream pricing and tighter supply relative to feedstock costs. In contrast, PVC-ethylene fell 7% WoW to US$335/t as PVC prices declined 4% amid weak construction demand and ample regional supply. Aromatics spreads were broadly firmer, led by PX-naphtha (+2% WoW to US$343/t) on reduced feedstock availability as refiners prioritized gasoline production. Integrated PET spread fell 8% WoW to US$196/t due to oversupply and weak demand in Asia. Weak margins have also driven Chinese PET bottle chip operating rates to a five-year low of about 60% amid severe losses and sharp output cuts.
