The resin market divided itself in May — and the right move in one half is the wrong move in the other.
In this week's episode, Michael Workman breaks down what's actually happening across all nine major resin markets and why buyers who treat them the same right now are leaving money in one category while overpaying in another.
PE is going flat despite a $0.20/lb nomination — buyer resistance is working, and the data supports holding the line. PET is getting genuine feedstock relief as PX expectations reversed from a 4¢/lb increase to a slight decline.
But benzene is approaching $5.00/gal, INEOS has reportedly refused new ABS business until August, and PA66 is facing a structural supply reduction before July that most buyers haven't priced into their H2 plans.
Michael also shares what Bill Bowie — 30+ years in the industry — said about the mistake buyers make when markets split, and why the PA66 story this week is more about M&A and plant closures than feedstocks.
TOPICS COVERED
- Why May is a completely different market than April
- The benzene-chain resins: ABS, PS, PC, PA6, PA66 — cost support is real, here's what to do
- PE going flat: what the ACC data shows and why buyer resistance is winning
- PET relief window: how long it lasts and how to use it
- PA66 structural story: Celanese Singapore closure, Lone Star / DOMO / RadiciGroup — what it means for H2 contracts
- Nine-resin recap: specific action for each market
KEY DATA POINTS
- PE inventory draw: 23.3M lbs (more moderate than expected)
- PE days of supply: 35 — demand rates -2%, operating rates -2%
- Benzene: $4.95/gal — up $0.30 on the week
- Caprolactam: $1,857/mt and still climbing
- PA66 Celanese Singapore: 55,000 tpa closing after July 2026
- Lone Star acquisitions: DOMO (May 12) + RadiciGroup HPP (Apr 30)
- PX: reversed from +4¢/lb expectation to a slight decline
- WTI: $101.02 · Brent: $105.63
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