What were the key drivers behind the surge in European petrochemical prices in April, according to the ICIS report?

According to the ICIS report, the surge in European petrochemical prices in April was driven primarily by the impact of the Middle East conflict, which caused sharp increases in raw material and energy costs, disrupted the global petrochemical supply chain, tightened market supply, and elevated logistics and shipping costs. Specifically, soaring crude oil prices — with Brent averaging $99.89 per barrel in March (a 44.0% month-on-month increase) and remaining above $99 in early April — along with persistently high natural gas prices (despite a partial retreat since mid-March) imposed significant cost pressure on energy-intensive petrochemical production. Additionally, shipping disruptions and rising freight rates constrained imports, further tightening supply and supporting domestic price increases across products including PE, PP, PVC, PET, and styrene.

Which European petrochemical products saw the most notable price increases in April, and by how much did key feedstocks rise?

In April, all 30 mainstream petrochemical products covered by ICIS Europe saw substantial price increases, with 13 reaching notably higher settlement prices — some hitting multi-year highs. Core feedstocks experienced steep monthly gains: ethylene rose by €450 per tonne and propylene by €465 per tonne compared to March — increases that significantly outpaced the cost rise of naphtha, indicating industry efforts to recover lost margins from March’s reduced cracker operating rates. Polymer prices surged most sharply, with polyethylene (PE) and polypropylene (PP) registering the largest month-on-month increases — ranging from 27% to 36% by percentage — while styrene achieved its highest monthly contract price increase since March 2021, following the pandemic onset.

European Petrochemical Prices Surge in April

Apr 28, 2026

ICIS reports European petrochemical prices surged in April due to Middle East conflicts and soaring energy costs, with core feedstocks like ethylene and propylene hitting multi-year highs alongside polymer price jumps.

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