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Americas Styrenics idles California plant: Correction
Americas Styrenics idles California plant: Correction
Corrects how the company plans to use the plant in paragraph 2. Story originally published on 28 May. Houston, 2 June (Argus) — US polymer producer Americas Styrenics (AmSty) idled its 150,000 metric tonne/yr polystyrene (PS) plant in Torrance, California, in May, according to a source close to the company. The company said it plans to use the plant as a terminal to distribute PS produced at other AmSty sites. The pause in production comes as PS prices have risen by 34pc from a year ago, which another source said has made it difficult for some buyers to pass costs on to their customers. By Jake Caldwell Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US construction spending rises in April
US construction spending rises in April
Houston, 2 June (Argus) — US construction spending inched higher in April from the prior month, new US Census Bureau data show. Total US construction spending was at a seasonally-adjusted annual rate of $2.17 trillion in April, up 0.4pc from March and 0.9pc above year-prior levels. Private residential spending increased by 0.8pc to a seasonally-adjusted annual rate of $910bn in April from March and was up by 1.7pc from a year earlier. Single family residential spending rose by 1.4pc to a $416bn rate in April from the prior month and was down by 2.9pc from a year earlier. Multifamily construction fell by 0.3pc to a $116mn annual rate from the prior month. Private manufacturing spending fell by 1.2pc to $185bn in April from the prior month, continuing a 15-month slide and remaining 18pc below April 2025. The health of the construction sector, especially for residential building, is critical to polyvinyl chloride (PVC) producers who supply much of the pipes, windows, doors, and siding for new homes. Rising inflation and general economic uncertainty are driving would-be buyers away from new homes, especially as mortgage rates remain elevated and the US Federal Reserve may begin hiking its target interest rate by the end of the year, data from CME FedWatch show. Demand this year has remained lackluster, even as homebuilders look to the 21st Century ROAD to Housing Act to ignite demand. The legislation is currently working through Congress. Total construction spending rose in April. Growing year-to-year private residential spending outweighed shrinking nonresidential spending. Public construction spending rose, rising for a fourth consecutive month. Manufacturing spending continues its prolonged contraction. By Gordon Pollock Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US May PGP contract falls by 7¢/lb
US May PGP contract falls by 7¢/lb
Houston, 29 May (Argus) — The US polymer-grade propylene (PGP) contract for May fell by 7¢/lb to 52¢/lb, the steepest drop in two years, on weaker spot prices and steady production. The drop was in line with a 6.6¢/lb drop in Argus ' May PGP contract index, which settled on 15 May, and it was the sharpest drop since the April 2024 contract settled 10¢/lb lower. But April 2026's contract at 59¢/lb was close to a four-year high after spot prices in March and early April rose sharply, tracking crude values, following Iran's closure of the strait of Hormuz. Some participants described May as a "price correction", or mean reversion, after the spike. "I think panic buying sent spot PGP prices up to unsustainable levels," one market participant said. "Now everyone realizes supply is healthy, and the market is calming down." The settlement came on the penultimate trading day of the month, causing some concern among market participants. One contract participant disagreed with the settlement, sources said. US spot PGP prices fell from 53¢/lb at the start of May to a low of 37.25¢/lb this week, a drop of 30pc. Since peaking in April at 62.5¢/lb, spot PGP prices have fallen by 40pc and are only 13pc higher than pre-war levels. The fall in PGP values this month outpaced declines in West Texas Intermediate (WTI) crude. Argus ' WTI Houston outright price fell to $90.22/bl on 28 May, down by 17pc from from $108.92/bl at the start of May. US PGP output was steady in May, with only a minor issue at one propane dehydrogenation (PDH) unit. Enterprise Products Partners' 750,000 t/yr PDH-1 unit compressor tripped two weeks ago and returned to full rates soon after. US PDH units are running full out and supply seems to be healthy, a market participant said. By Michael Camarda Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Japan's cracker run rates to recover: APIC delegates
Japan's cracker run rates to recover: APIC delegates
Tokyo, 29 May (Argus) — Japan's steam crackers are poised to see a moderate recovery in run rates from June, industry sources told Argus on the sidelines of the Asia Petrochemical Industry Conference (APIC). The recovery is expected as crackers secure alternative feedstock supplies, but poor margins and high feedstock prices may cap any production increase. Japan's cracker run rates averaged 67.3pc in April, down from 78.6pc a month earlier and from 68.8pc in March 2026, according to the Japan Petrochemical Industry Association (JPCA). The steep monthly decline was partly triggered by concerns about naphtha supplies, because of the closure of the strait of Hormuz, as well as turnarounds at several crackers. Naphtha imports from the Middle East typically account for roughly 40pc of Japan's demand, domestic supplies account for 40pc and imports from countries other than the Middle East make up the remaining 20pc, according to data from the Japanese government. In response to the lack of Middle Eastern naphtha, Japanese buyers have sought alternative supplies from Algeria, the US and India. Including supplies from domestic refining, naphtha procurement is currently able to meet over 80pc of Japan's requirements, prime minister Sanae Takaichi said on 25 May. Japan can continue to produce naphtha derivatives beyond the end of this year if it uses its intermediate inventories and allocates feedstocks to midstream products with lower stock levels, she said. Refinery run rates are recovering in Japan, data from the Petroleum Association of Japan (PAJ) show. Nationwide average refinery run rates were at 73.5pc in the week of 17 May, up from 69.6pc in late April. But even with improved feedstock supply, market participants said during the conference the recovery in cracker operating rates will probably be limited. The constraint on production has shifted from feedstock availability to weak production economics and subdued demand. According to the most recent Argus assessment, on 21 May, northeast Asian naphtha-based ethylene cracking margins have collapsed to -$514/t, a sharp deterioration from -$285/t in late-February. This is due to is the inability of producers to fully pass on higher feedstock costs, alongside with weak downstream demand, particularly in China. Cfr Japan naphtha prices were around 58pc higher on 21 May than pre-war levels. Prices for cfr northeast Asia ethylene increased by about 50pc in the same period, while Asian polymer prices only increased by around 30pc. This mismatch in cost-push inflation and product price realisation has severely compressed, and in many cases eliminated, producer margins. "The focus is now squarely on profitability," a market expert in a Japanese trading house noted on the sidelines of APIC. "Even with more naphtha arriving, cracker operators have little incentive to ramp up production significantly if they are losing money. The modest increase in runs will be managed very carefully against actual demand and margin recovery." The industry's path forward now hinges on whether downstream demand and prices can strengthen sufficiently to absorb the elevated cost of feedstocks, allowing for a more substantial and sustainable recovery in operating rates. The conference, which is held in western Japan, Fukuoka, ends on 29 May. Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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