High-density polyethylene (HDPE) prices across Asia drifted lower this week as a combination of global and regional forces created a subdued trading environment. A market source noted that lingering geopolitical tensions from the Russia-Ukraine conflict continue to raise concerns about global supply disruptions. At the same time, expectations of a potential U.S. Federal Reserve rate cut have buoyed the global demand outlook, pushing international crude oil prices higher. Yet these broader signals failed to spark stronger buying across Asian HDPE markets, where seasonal and local factors exerted more immediate pressure.
In Far East Asia, HDPE film prices held at USD 850–900/mt CFR, while blow moulding remained at USD 830–890/mt CFR. Injection and yarn grades were likewise steady at USD 830–860/mt CFR and USD 880–900/mt CFR respectively, reflecting limited spot activity. In China, Middle Eastern producers floated October shipment offers in the USD 850–900/mt range. Domestic price weakness narrowed arbitrage opportunities and kept import interest muted. Offers from North American cargoes added pressure, with most buyers preferring lower-priced forward contracts and showing little appetite for spot deals. With China’s National Day holiday approaching, restocking has slowed sharply and traders expect only minor fluctuations of USD 5–10/ton in the short term.
Elsewhere in Southeast Asia, HDPE film slipped to USD 880–930/mt CFR and blow moulding to USD 830–880/mt CFR, each down USD 10/mt week on week. Yarn prices fell similarly to USD 910–950/mt CFR, while injection grade stayed at USD 840–900/mt CFR. Vietnam illustrated the soft trend, as competitively priced U.S. shipments set the tone and ample regional supply, boosted by recent capacity additions, kept spot trading sluggish. U.S., Saudi, and South Korean producers pitched October HDPE film offers ranging from USD 860 to 900/mt, but buyers maintained a cautious stance.
In India, HDPE film and yarn prices fell USD 10/mt to USD 900–940/mt CFR and USD 880–930/mt CFR, while injection and blow moulding eased to USD 890–950/mt CFR and USD 890–920/mt CFR. Local demand was hampered by high inventories, weak downstream consumption, and the rupee sliding to a record 88 per dollar. Seasonal holidays and heavy rains reduced industrial activity, leaving buyers to make only necessity-based purchases despite volume incentives from domestic producers.
Markets in Pakistan mirrored the softness, with film at USD 930–970/mt CFR and blow moulding at USD 940–980/mt CFR, both down USD 10/mt. Yarn and injection grades showed similar declines. Ample Iranian supply and monsoon flooding curtailed GCC imports and dampened sentiment further, while the Karachi Plastics Expo diverted attention from spot trading.
Sri Lanka and Bangladesh remained largely flat, with film, blow moulding, injection, and yarn prices holding steady within USD 920–980/mt CFR ranges. Weak end-user demand and economic uncertainty kept buying to a minimum despite stable pricing.
Feedstock ethylene trends added nuance. CFR Northeast Asia ethylene rose USD 10/mt to USD 845–855/mt, while CFR Southeast Asia held steady at USD 835–845/mt, providing only mild cost pressure for producers.
Plant operations added another layer to market expectations. PTT Global Chemical is reportedly preparing to reduce rates at its 800,000-mt/year HDPE unit in Map Ta Phut, Thailand, from early November, though the reason remains unclear. In Japan, Keiyo Ethylene plans to shut its Chiba cracker in the second half of January 2026 for maintenance, affecting 768,000 mt/year of ethylene and 450,000 mt/year of propylene capacity. Both developments could tighten regional feedstock availability if downtime coincides with stronger demand later in the year.
Overall, traders anticipate a quiet near-term outlook. Holiday schedules in China and India, combined with plentiful supply and cautious buying, are likely to keep the Asian HDPE market in a subdued state until late Q4, when clearer signals on oil prices, monetary policy, and downstream demand may emerge.
