High-density polyethylene (HDPE) prices displayed a mixed performance across Asia this week, with declines observed in the Far East Asian market, while stability dominated other regions.
An industry source in Asia, who wished to remain unnamed, explained that crude oil continues to exert a muted influence on the broader petrochemical complex. Oil prices are expected to remain range-bound to slightly positive, supported by heightened Middle East tensions, the potential for stricter U.S. sanctions on Russian oil, and a smaller OPEC+ output hike. Nonetheless, rising U.S. inventories and lackluster physical demand continue to weigh on sentiment, while markets also await signals from the Federal Reserve and fresh U.S. stockpile data before making decisive moves.
In the HDPE market, the Far East region recorded slight declines, with film and blow moulding grades slipping by USD 10/mt from last week, while injection and yarn grades held steady. The drop was largely driven by soft sentiment, though overall import offers from overseas producers remained mostly stable. Suppliers maintained quotations in line with prevailing market conditions, while buyers continued to show restrained interest amid balanced stock positions and moderate downstream consumption. This stability in both offers and purchasing activity left sentiment largely unchanged across most Asian markets, despite the modest dip in the Far East.
In Southeast Asia, HDPE film, blow moulding, injection, and yarn grades all held steady, reflecting a continuation of cautious but consistent trading activity. India mirrored this trend of stability, though certain segments such as film, yarn, injection, and blow moulding registered minor declines of up to USD 10/mt week on week. In Pakistan, Sri Lanka, and Bangladesh, HDPE prices across all grades remained flat, further reinforcing the notion of an overall steady market, despite selective softening in a few regions.
Feedstock dynamics were also broadly stable, with ethylene prices assessed at USD 835–845/mt CFR North East Asia, unchanged from last week, while CFR South East Asia prices edged up slightly by USD 5/mt to the same range.
On the plant operations front, notable developments drew market attention. Pengerang Refining and Petrochemical (PRefChem) took its HDPE plant in Malaysia offline earlier this week, though details regarding the duration of the shutdown remain unavailable. The facility carries a production capacity of 400,000 mt/year. Meanwhile, PTT Global Chemical (GC) in Thailand is expected to operate its HDPE unit at reduced rates starting in early November 2025, though the rationale behind the decision has not been confirmed. That unit has a nameplate capacity of 800,000 mt/year. Adding to the regional supply picture, Keiyo Ethylene in Japan is scheduled to shut its cracker for maintenance by the second half of January 2026, impacting its 768,000 mt/year ethylene and 450,000 mt/year propylene capacity, though the duration of the overhaul remains uncertain.
Overall, while Far East Asia experienced a mild decline in HDPE values, the broader Asian market remains steady, reflecting a balance between cautious demand, stable offers, and selective supply-side developments. Market participants are expected to maintain a wait-and-watch stance as feedstock movements, crude oil trends, and plant operations continue to shape regional sentiment in the weeks ahead.
