Why are 22 out of 31 ICIS-covered petrochemical products in Asia expected to see price declines in May?

According to the ICIS report, 22 of the 31 major petrochemical products covered by ICIS’s Asian price forecast are projected to experience monthly average price declines in May due to a shift in market focus from supply constraints to demand recovery — with downstream buyers holding relatively ample raw material and finished goods inventories, leading to weak restocking intent and caution toward high-priced feedstocks; additionally, elevated raw material costs are failing to pass through smoothly to end products, further dampening procurement enthusiasm and contributing to downward pricing pressure.

Which petrochemical products are expected to lead price gains in May, and what is the main supporting factor?

PTA (purified terephthalic acid), PX (para-xylene), and ethylene glycol are expected to lead price gains in May, primarily supported by constrained Middle Eastern feedstock supply impacting the Asian polyester chain; this regional supply limitation provides upward price support despite broader market correction pressures elsewhere.

Asian Chemical Markets Face Correction in May

May 25, 2026

ICIS forecasts a price correction across most Asian chemical markets in May, with 22 of 31 key petrochemicals set to fall as demand recovery takes precedence over supply concerns.

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