Price Reports November 2025

The following information is provided by Plastics Information Europe.  For more than 35 years, PIE has been an invaluable source of information for European plastics industry decision makers - a quick, yet in-depth look at the development of plastics markets and polymer prices. Available online 24/7 and as a printed newsletter twice a month. To read entire versions of the following reports, go to www.pieweb.com and sign up for a 48-hour free trial!

  Standard thermoplastics November: Situation remains bleak across all grades / Prices mostly in decline / Weak demand meets stock reduction trend / No optimism at end of year

PE: Overall, price agreements followed the movement of the ethylene contract (down EUR 25/t). Some converters were even able to obtain larger reductions in special deals, provided they were still taking volumes from producers at all. However, in November there were also attempts – mainly by two major producers – to push prices slightly upwards. Production cutbacks in most cases did not bring the desired effect. There is still no sign of any shortage on the market, and some suppliers were still clearing out their sizeable stocks. Demand and capacity utilisation levels among most converters remained weak. Nevertheless, anyone not constrained by end-of-year balance sheet considerations decided to stock up on favourably priced material. As a result, call-off figures were fairly solid. In view of the ethylene rollover, it is unlikely that prices are about to rise. Major movements are not expected. In many places, production can only continue for about two more weeks. After that, converters intend to complete the usual year-end tasks before heading into the Christmas break.

PP: The situation is what it is – rather bleak. The propylene contract fell by EUR 25/t in November, dragging polypropylene prices down with it. Sluggish demand and cheap imports exerted additional pressure. As suppliers also wanted to sell off their volumes, a number of special deals were made. In most cases, converters reduced their inventories for year-end balance-sheet reasons, keeping order activity at a low level. Since the price of the precursor propylene was fixed at a rollover for the last month of the year, polymer prices are also unlikely to change much. December is considered a short month, anyway. Many processors are planning to shut down their systems and carry out maintenance work starting in the third week of December. Following this, a number of companies will likely start their Christmas holidays. Order volumes are expected to be negligible.

PVC: The European PVC market was once again very much a buyers’ market in November. Producers were unable to retain any of the ethylene cost reduction (down EUR 25/t) for themselves. On the contrary, in many places price cuts were somewhat higher than would have been the case had the pro-rata cost savings simply been passed on. At the same time, stock reductions were being stepped up at many locations for balance-sheet purposes. December has traditionally been regarded as a short month. Production plants are closed for maintenance and employees given time off during the holidays. Producers’ expectations of achieving significant sales are therefore scaled back accordingly. Prices are also unlikely to be adjusted by any significant amount – particularly since the ethylene contract was fixed at the same level as in the previous month. Players on both sides will be keen to bring the monthly negotiations to a swift conclusion and switch the focus to the annual agreements for 2026. For the first quarter of 2026 at least, many converters are expecting little improvement in demand. Some are thus planning extensive adjustments to their supplier portfolios. By concentrating their purchasing volumes on fewer suppliers, they hope to gain additional leverage for price concessions.

Styrenics: Prices for styrenics fell for the eighth consecutive month in November 2025, dropping to their lowest level since early 2021. Once again, declining feedstock costs – in particular, the renewed fall in the styrene reference (down EUR 17/t) – together with generally weak demand put downward pressure on prices. In many cases, reductions went beyond the decline in monomer costs, especially when suppliers launched discount campaigns to reduce inventories for balance-sheet reasons ahead of the year-end. December is poised to be an interesting month. At the end of the year, the styrene reference trended slightly firmer for the first time in a long while (up EUR 21/t). For PS and EPS, some suppliers will likely try to price in the slight cost increase to avoid further margin erosion. Still, it seems probable that some producers will refrain from demanding premiums to counter the low volume calls in December, keeping prices stable instead. This is particularly likely for ABS, as the increase in composite costs was even smaller here (SM up EUR 21/t, butadiene down EUR 40/t, ACN up EUR 20/t) and the pressure from low-cost imports persists.

PET: Little change was seen in terms of the miserable state of the PET market in November 2025. Demand remained low. Suppliers of both European and imported goods had no choice but to somehow cope with the bleak sales situation. The PX contract for October was fixed late, as expected, down by EUR 30/t. In the dense atmosphere prevailing at the point where prices had evidently bottomed out, slight reductions were granted for PET again in order to at least secure what was absolutely necessary. Not much is set to change in terms of the market situation in the weeks to come. December has already been written off by almost everyone, and attention is now turning to 2026. There is not a lot of room left for further downward movement. A rollover or slight reductions for smaller quantities are likely. Even special offers between Christmas and the New Year would seem improbable.

For more than 35 years, PIE has been an invaluable source of information for European plastics industry decision makers - a quick, yet in-depth look at the development of plastics markets and polymer prices. Available online 24/7 and as a printed newsletter twice a month. To read the entire report, go to www.ki.de and sign up for a 48-hour free trial!

  Engineering thermoplastics November 2025: Prices fall less than expected / Weak demand keeps stocks high / Long production downtimes expected

As expected, a further portion of the quarterly reductions were carried over into the monthly prices. However, since there was still some material in stock from the previous, higher-priced quarters, producers did everything they could to at least delay passing on the reductions in full. Price cuts thus remained smaller than was widely expected. Weak demand and a more sluggish outflow of material meant that stocks remained full. Although the PIE panel occasionally reported a slight improvement in demand compared with the previous month, the overall situation was still far from normal.

In December, too, a further slice of the quarterly reductions will be due. What remains unclear is whether there will be any special offers in what is effectively only half a working month. Motivation for this could come from the desire to make the end-of-year balance sheet look better. Compounding lines will likely run even more slowly in December than they already have been, and several distributors plan to shut down by mid-month. It is likely to be a very calm December with extended production breaks between Christmas and the New Year.

POM was once again the exception. As in the previous month, some producers succeeded in carrying over the contract prices. Falling prices were therefore only to be seen in spot market offers and special deals. On the demand side, some contacts reported a slightly brighter order situation, but overall demand remained subdued.

For more than 35 years, PIE has been an invaluable source of information for European plastics industry decision makers - a quick, yet in-depth look at the development of plastics markets and polymer prices. Available online 24/7 and as a printed newsletter twice a month. To read the entire report, go to www.ki.de and sign up for a 48-hour free trial!

 Polyurethane feedstocks November 2025: Prices on the decline / No demand impulses at end of year / Processors plan extended Christmas breaks

Demand continued to slow, among other things due to the dwindling ordering activity from the construction industry. This caused the monthly contracts for MDI to fall by between EUR 30/t and EUR 120/t. If the benzene price had not risen EUR 37/t and thus supported MDI prices, the discounts could have been even higher. The market had enough material at its disposal. Once again, there were delays in shipping, but this had no effect on the basic availability as the weakness in the automotive industry continued.

In December, demand remains subdued and the supply situation is adequate. Prices are consequently set to decline again. As producers’ warehouses are well stocked, supply shortages are highly unlikely. No impulses are expected shortly before the end of the year. On the contrary, more and more customers are planning a longer Christmas break than usual.

Quotations for TDI also fell rapidly once again. PIE panellists indicated declines of between EUR 150/t and EUR 350/t. Processors are doing their utmost to reverse the dramatic increases of September as quickly as possible. The fall in prices is set to continue since there is no fundamental change in market conditions.

For more than 35 years, PIE has been an invaluable source of information for European plastics industry decision makers - a quick, yet in-depth look at the development of plastics markets and polymer prices. Available online 24/7 and as a printed newsletter twice a month. To read the entire report, go to www.ki.de and sign up for a 48-hour free trial!

  Composites/GRP November 2025: Falling feedstock prices, weak demand weigh on resin prices / Glass fibres also slightly cheaper

The typically sluggish response of orthophthalic resins to changes in feedstock costs was barely evident in November. The EUR 17/t drop in the styrene reference for the month was even exceeded, and falling prices for the other two key feedstocks – maleic and phthalic anhydride – added further downward pressure.

Although demand picked up slightly over the course of November, it remained well below expectations overall. The passenger car segment provided hardly any meaningful impetus, while the commercial vehicle sector proved somewhat more stable. By the end of the month, the year-end slowdown was already becoming apparent – earlier than in previous years.

Despite the EUR 21/t price increase for styrene monomer, demand is still weak and a slight correction in prices can also be expected in December

For more than 35 years, PIE has been an invaluable source of information for European plastics industry decision makers - a quick, yet in-depth look at the development of plastics markets and polymer prices. Available online 24/7 and as a printed newsletter twice a month. To read the entire report, go to www.ki.de and sign up for a 48-hour free trial!

 Standard recyclate November 2025: Situation remains challenging for recyclers / Prices move sideways / No recovery expected before year-end

Most recyclers describe their current economic situation as “challenging”. This wording reflects a mood somewhere between euphemisms and resignation. Prices for plastics waste are still at a high level. In addition, processing costs have barely stabilised at a tolerable level this year.

On top of this, increased customer requirements are complicating the situation further. While fewer and fewer customers are submitting a forecast for their orders, materials must be available on short notice. This “just-in-time” ordering mentality forces recyclers to keep high stocks in order to fulfil orders immediately instead of losing business. Stocks, however, are expensive “dead capital”.

In addition to the already weak demand, large volumes of affordable virgin material are finding their way to Europe in an almost uncontrollable way, especially from Asia. These volumes are putting additional pressure on European recyclers. To secure access to their waste streams, they must accept strict and costly long-term purchase obligations. Not much is likely to change for the better until after the turn of the year. As long as the economy remains weak, demand will not pick up.

For more than 35 years, PIE has been an invaluable source of information for European plastics industry decision makers - a quick, yet in-depth look at the development of plastics markets and polymer prices. Available online 24/7 and as a printed newsletter twice a month. To read the entire report, go to www.ki.de and sign up for a 48-hour free trial!

 Engineering recyclate November 2025: Stock-cutting measures by producers and converters keep prices down / No demand stimulus anywhere

As predicted by several members of the PIE price panel, many recyclers are further reducing operating rates. However, as demand remains weak and stock levels are still high, the reduced output was unable to prevent prices from declining again, at least slightly.

Not a single customer segment gave an indication that there might be an improvement in ordering activity. On the contrary, more specified grades came up against additional competitive pressure from virgin material – and a number of converters also took advantage of the weak economy to reduce their stocks for balance sheet reasons.

The competition from virgin grades is projected to continue in December, and converters are likely to again call for lower prices. Recyclers can only respond with further cutbacks in supply in order to stabilise contract quotations. They are, in fact, considering halting production completely between Christmas and New Year’s Day. The shorter production time in December is set to put an additional damper on demand. Apart from that, some converters are continuing to reduce stocks for the annual balance sheet reports. 

For more than 35 years, PIE has been an invaluable source of information for European plastics industry decision makers - a quick, yet in-depth look at the development of plastics markets and polymer prices. Available online 24/7 and as a printed newsletter twice a month. To read the entire report, go to www.ki.de and sign up for a 48-hour free trial!