Polymer spreads weakened WoW as a 7% jump in naphtha prices to a five-week high of US$971/t outpaced relatively flat PE and PP prices, compressing margins across the olefins chain. PS spread was the worst performer, declining 18% WoW to US$235/t, while LLDPE-, HDPE-, and PP-naphtha spreads fell 14-15% WoW. The margin contraction reflected rising feedstock costs amid tighter Asian energy markets, while soft regional demand and ample supply limited producers' ability to pass through higher costs. Aromatics spreads were mixed, with PX-naphtha spread slipping 1% WoW but benzene spread improving 2%. Meanwhile, integrated PET spread fell 18% WoW to a seven-month low of US$161/t, pressured by weak Asian demand and persistent oversupply despite lower operating rates in China.
