May outlook for European PS, ABS muddled by limited cost support and patchy demand

In Europe, PS and ABS markets ended April on a softer note following an upward trend throughout the first quarter of 2025. As attention shifts to May, expectations center around further, albeit limited, price declines—though some players are also considering the possibility of rollovers.

PS markets poised for further slight declines

Following the April styrene settlement, which indicated a decline of €58/ton, European PS producers adopted bearish pricing policies this month. Indeed, most April PS deals were closed with reductions of €50-60/ton compared to March. Meanwhile, demand has been rather patchy, with players in Northwest European countries reporting calm buying appetite. However, in Italy, sellers reported a good number of order entries in the first half of the month—mainly driven by buyers aiming to complete monthly negotiations ahead of Easter and other public holidays in late April.

Meanwhile, suppliers are closely monitoring spot styrene and benzene markets to gauge May trends. Spot styrene prices rebounded visibly amid rising spot benzene and Brent crude oil prices toward mid-April. Following these increases, spot styrene values hovered around late March levels at the time of writing.

Accordingly, initial expectations of €50/ton decreases in May have been revised down to smaller reductions of roughly €20-25/ton. However, some players suggest that stability cannot be ruled out as the spot styrene market did not post major variations on a monthly comparison.



According to ChemOrbis Price Index, spot GPPS and HIPS extrusion prices on an FD NWE basis have returned to their lowest levels since late February. Prices may either stabilize around current levels or edge lower in May, potentially revisiting the levels last seen in January.

ABS expected stable to softer

European ABS markets also followed a bearish trend in April, with average declines of €50/ton mainly passing on deals. End-use demand remained weak, offering little support to trade activity. In addition, seasonal holidays further weighed on market momentum this month.

Meanwhile, most players described import offers as unattractive. In fact, Asian suppliers reportedly lifted their prices slightly to narrow the price gap between local and overseas materials, mainly driven by the ongoing anti-dumping investigation and uncertainty over its scope and retroactive impact.

As for May, most suppliers anticipate modest further declines in ABS prices, while others do not rule out to see rollovers. The May butadiene contract was agreed with a reduction of €60/ton compared to April, while May styrene settlement is expected to decrease by around €20-25/ton.

ABS injection and extrusion prices on an FD NWE basis also erased their March gains, returning to levels last seen in late February, according to ChemOrbis data.

Supply and demand to steer May outlook

European players have largely moved to the sidelines, awaiting May developments. While another round of limited declines in styrene markets seem likely, the possibility of stable prices remains on the table. Ultimately, the direction of PS and ABS markets next month will hinge on supply and demand fundamentals.

On the demand front, performance is expected to vary by country. In fact, some European sellers are not very optimistic about a recovery in buying appetite due to a series of public holidays in France and Germany as they will shorten working days.

Overall supply, on the other hand, was reportedly sufficient in April, but a few developments could influence availability moving forward. Ineos reportedly faced HIPS availability constraints due to some technical issues, while BASF resumed production following an unofficial force majeure declaration post-Easter. On the ABS front, Elix is scheduled to conduct a maintenance in May, though its impact is expected to be minimal since customers pre-ordered material. Another European producer continues to face tight availability for ABS inj. grades, as a side note.