SINGAPORE (ICIS)–Singapore’s Ministry of Trade and Industry (MTI) on Thursday maintained its 0.0-2.0% GDP growth forecast for 2025, while confirming 3.9% GDP growth for the first quarter. GDP grew 3.9% in Q1 2025 Heightened uncertainty, hesitancy weigh on outlook Key exports to be at lower end of 1-3% for 2025 The forecast was maintained even as the US reached agreements with China and the UK recently, as inflation growth in the US and heightened uncertainty weigh on consumption, MTI said in a statement. However, the outlook appeared slightly improved compared to April as major economies engage in trade talks with the US. Significant uncertainty could lead to more hesitancy in economic activity, while a re-escalation in tariff actions would ignite a global trade war, “which will upend global supply chains, raise costs and cause a sharper global economic slowdown”, MTI said. “Against this backdrop, the growth of outward-oriented sectors in Singapore is expected to slow over the course of the year,” said MTI. US tariff measures are expected to weigh adversely particularly on Singapore’s manufacturing sector, given its export exposure to the US market and slowing growth in global end-markets. The transport engineering cluster, however, is a bright spot for Singapore, MTI said. Global trade is also expected to soften in the second half of the year as front-loading exports slow, and these factors combined for MTI’s 2025 GDP forecast being maintained at 0-2%. Q1 GDP GROWTHSingapore’s manufacturing sector expanded by 4.0% year on year in the first quarter, declining from the 7.4% growth in the previous quarter, driven by the electronics, precision engineering and transport engineering clusters, MTI said. Overall, Singapore’s GDP grew by 3.9% in the first quarter of 2025, down from 5.0% growth in the previous quarter. “On a year-on-year basis, GDP growth in the first quarter was largely driven by the wholesale trade, manufacturing and finance & insurance sectors,” MTI said. Meanwhile, the accommodation and food & beverage services sectors contracted in the first quarter. Separately, the southeast Asian country also expects non-oil domestic exports (NODX) to be at the lower end of its 1-3% forecast for 2025 amid tariffs and economic headwinds, according to Enterprise Singapore (EnterpriseSG) on Thursday. NODX grew by 3.3% year on year in Q1 2025, improving from 2.4% growth year on year in the previous quarter. In the first quarter, Singapore’s petrochemical exports amounted to Singapore dollar (S$) 4.45 billion ($3.45 billion), declining by approximately 4.2% from the same period in 2024. Focus article by Jonathan Yee

SINGAPORE (ICIS)– ChemOne Group is planning to incorporate bionaphtha as a feedstock for its upcoming $5.3 billion Pengerang Energy Complex (PEC) in Johor, Malaysia, a senior company executive said. The PEC is expected to process 150,000 barrels/day of condensate plus a side feed of naphtha, that will in turn produce 2.5 million tonnes/year of aromatics, 3.8 million tonnes/year of energy products output, and hydrogen output of 26,000 tonnes/year, according to Mobin Rahman, ChemOne Group’s Vice President for Technology. Construction of the PEC project is expected to start by mid-2025 after its operator secured an agreement for $3.5 billion of financing, with the start-up of the complex expected in Q4 2028. The hydrogen produced will be used to support the production of hydrogenated vegetable oil (HVO), which in turn can be processed into sustainable bionaphtha, according to Rahman. “The incorporation of bionaphtha as a feedstock in PEC will then advance ChemOne’s work in creating a sustainable, circular petrochemical chain,” he said. Bionaphtha, a byproduct of HVO and sustainable aviation fuel (SAF) production, is increasingly used in Asia’s petrochemical industry for sustainable plastics, packaging, and fuel blending. “The petrochemical industry globally is heavily reliant on fossil-based naphtha as a feedstock in steam crackers to produce olefins. Bionaphtha thus presents itself as a renewable alternative to fossil-based naphtha,” Rahman said. “This signals the potential for greater integration of bionaphtha into the petrochemical industry as its technology matures and supply increases,” Rahman noted. However, its relatively higher cost as compared to conventional fossil-based naphtha makes its adoption limited. Moreover, converting bionaphtha to paraxylene (PX) through catalytic reforming is challenging primarily due to the feedstock’s composition and the inherent limitations of the process. Bionaphtha, derived from bio-crude oils, often contains a high proportion of normal paraffins and other non-aromatic components, which are difficult for catalytic reforming to convert into aromatics. BIONAPHTHA USE IN ASIA INCREASING   Major petrochemical companies in Asia are incorporating bionaphtha in their steam crackers as a drop-in feedstock in place of fossil-based naphtha, or in a mix with fossil-based material to produce partially renewable chemicals. “As a region that consumes the most plastics globally, the demand for plastics remains constantly high,” Rahman said. “When coupled with the increasing eco-conscious preferences among consumers, we see a resulting heightened demand for bioplastics. This has, as such, been a significant driver in the region’s demand for bionaphtha as a feedstock for its production.” In line with the global green transition, multiple countries in Asia have also enacted fuel blending mandates. Singapore, for example, has set a 1% SAF blending mandate from 2026 onwards. Given the current mandate by countries to ensure that SAF is blended with jet fuel, the production of SAF, and consequently the use and production of bionaphtha, is set to rise, Rahman said. The International Air Transport Association (IATA) estimates that SAF could contribute to a 65% reduction in emissions, much needed by the aviation industry to achieve net zero emissions by 2050. Just like fossil-based naphtha, bionaphtha can also be used as a gasoline blending component – offering a more sustainable fuel blend to help countries and companies achieve their decarbonization goals, according to Rahman. While carbon capture & storage (CCS) and green hydrogen also offer valuable decarbonization strategies, bionaphtha provides a relatively easier and expected to be more readily available pathway. “Looking ahead, the global momentum towards sustainability will likely continue to see an increasing demand for bionaphtha in petrochemical production processes.” BIOPLASTICS USE GROWING One of the most promising downstream applications for bionaphtha lies in bioplastics, Rahman noted, including polyethylene furanoate (PEF), bio-polyethylene (bio-PE) and bio-propylene (bio-PP). PEF is a fully bio-based alternative to PET, while bio-PE and bio-PP are drop-in biopolymers with varying levels of bio-content, with bio-PP currently achieving up to 40% through the bio-mass balance process. In South Korea and Japan, leading beauty brands are already incorporating bio-naphtha into packaging and product development, setting a precedent for other industries to follow, Rahman noted. Companies like Japanese producer Nippon Shokubai and Indonesia’s Chandra Asri are exploring the use of bionaphtha in super absorbent polymer production (SAP), utilizing mass balance processes and independent certification bodies to ensure transparency and sustainability. South Korea’s LG Chem has also been manufacturing eco-friendly plastic products using bio-naphtha since 2020. LG Chem since 2021 has been shipping its bio-balanced SAP products – also certified with ISCC Plus – to overseas markets. ISCC PLUS is an international certification system that verifies the sustainability of bio-based and bio-circular raw materials throughout the supply chain. Separately, Mitsubishi Chemical has partnered with Japanese beverage company Suntory and apparel manufacturer Goldwin to use sustainable plastics for their end-products. The conglomerate also locked in partnerships with providers of the key bioplastics ingredient bionaphtha. It announced a strategic partnership with Finnish company Neste for the bioplastics supply chain. SUSTAINABILITY MANDATES TO PLAY KEY ROLE  Regulatory frameworks and sustainability mandates play a significant role in accelerating the adoption of bionaphtha, Rahman said. “Policies surrounding the reduction of plastic waste – like Japan’s Plastic Resource Circulation Act for example – can incentivise manufacturers to adopt more sustainable production materials, while also encouraging retailers and consumers to opt for biobased plastics as an alternative to single-use plastics.” “In addition to that six other Asian governments – Philippines, China, South Korea, India, Bangladesh, and Malaysia – are regulating plastic waste, thereby building a potential market for biobased alternatives.” Other regulatory frameworks surrounding the general reduction of carbon emissions also help drive the adoption of bionaphtha in the petrochemical sector, as companies seek to harness potential financial incentives and avoid regulatory penalties, Rahman noted. “Take for example carbon taxes implemented in countries like Singapore, with carbon tax rates that will increase at least thrice within the decade to reach $80 per tonne of GHG [greenhouse gas] by 2030,” he noted. “Companies looking to comply with such regulatory requirements, or to be eligible for carbon credits and offsets, may turn towards bionaphtha to help reduce lifecycle greenhouse gas emissions along the supply chain.” South Korea’s emission trading scheme also specifically rewards companies that integrate renewable feedstocks into their petrochemical production, providing a financial incentive for the adoption of bionaphtha in the industry, Rahman added. BIONAPHTHA MARKET SET FOR RAPID GROWTH  The market size for bionaphtha continues to expand at a compounded annual growth rate (CAGR) of 19% and is projected to reach more than 3 million tonnes by 2032, according to Rahman. The expansion is due to increased environmental awareness, policies that encourage the use of sustainable energy, and improvements in production technology, he said. “Currently, about 15% of sustainable aviation fuel (SAF) production results in bio-naphtha as a byproduct. If demand continues to rise, this ratio can be increased to 40%, but the industry must also grapple with the limited availability of bio-based raw materials such as waste cooking oil.” “To ensure long-term viability, diversification of feedstock sources and the development of alternative production methods are imperative.” COST COMPETITIVENESS REMAINS AN ISSUEThe key challenge for bionaphtha revolves around cost competitiveness, and this is especially pertinent for Asian petrochemical producers who operate on thinner margins compared to their Middle East and US counterparts who benefit from cheaper feedstocks, according to Rahman. “Investing in low-carbon technologies is difficult for Asian producers if it further erodes their profit margins,” he said. “Besides, in terms of feedstock, while bio-based alternatives such as bionaphtha are available, many petrochemical complexes still rely on fossil-based naphtha.” “This is due to the comparatively higher prices of its alternatives, limited supplies depending on international supply chains, as well as potentially incompatible infrastructure where retrofitting is too costly.” Steam cracking operates at temperatures above 800°C and consumes large amounts of energy. This is mostly powered by fossil fuels, as its alternative – the electrification of steam crackers, requires high-capacity renewable energy that is not cost-competitive in Asia at the moment. “Even if high-capacity renewable energy becomes more accessible, the electrification of steam crackers requires a complete redesign or a retrofit that would incur very high costs. As such, decarbonizing these steam crackers poses significant technical and economic hurdles for businesses,” Rahman said. TECHNOLOGY TO THE RESCUETechnological advancements – like the introduction of new hydrotreating catalysts, help to improve conversion efficiency and reduce coke formation, according to Rahman. Other innovations like mild hydrocracking configurations that allow for targeted production of bionaphtha fractions can also enhance the overall efficiency of bionaphtha production, he said. More importantly, however, advancements that allow for better hydrogen recovery are particularly crucial in enhancing both the scalability and efficiency of bionaphtha production. “Especially in complexes like ChemOne Group’s PEC, where hydrogen is produced as a by-product and used in the downstream production of hydrogenated vegetable oils, embedding strong hydrogen recovery systems can help improve yield efficiency and reduce costs. This in turn better primes its production for scalability,” he said. “In addition, at ChemOne Group’s Pengerang Energy Complex, engineering-driven improvements in its LD-PAREX technology have yielded an almost 10% increase in conversion percentage from its Condensate Feedstocks to its higher value aromatics products,” Rahman said. “This also enhances the efficiency of downstream SAF/bionaphtha production and thereby improves production economics, both of which enhance the supply and cost appeal to facilitate further scaling of bionaphtha production.” Interview article by Nurluqman Suratman

SINGAPORE (ICIS)–Japan’s manufacturing purchasing managers’ index (PMI) slipped to 48.0 in May from 48.9 in April, preliminary estimates from au Jibun Bank showed on Thursday. A PMI reading above 50 indicates expansion while a lower number denotes contraction. Manufacturing shrank for the 11th consecutive month in May. Demand conditions appeared fragile and new business declined in the manufacturing sector, au Jibun Bank said in a statement. “Cost pressures, a source of concern for many firms, remained elevated in May,” the bank added. Though there was a softer fall in new orders as well as new export business, production fell at a slightly quicker pace. “After slipping to the weakest in nearly five years in April, optimism regarding the year-ahead outlook for output picked up in May, but overall sentiment remained among the lowest seen since the COVID-19 pandemic,” au Jibun Bank said. Overall sentiment was significantly dampened in April by wide-ranging US tariffs hitting Japanese manufacturers. US-Japan trade talks remain ongoing.

HOUSTON (ICIS)–The 90-day pause on reciprocal tariffs on all imports from China provided importers with a new deadline, but not much relief, according to a survey of more than 100 small-to-midsized businesses. Conducted by online freight shipping marketplace and platform provider Freightos between 14-17 May, respondents to the survey said the pause has done little to ease their concerns. Small importers remain deeply anxious, are shifting behavior – including changing shipment timing or even considering winding down businesses – and are starting to adapt for the long term. “While some are assessing domestic manufacturing, very few actually have,” Freightos said when noting key takeaways from the survey. “Meanwhile, delays in shipments as a result of tariffs led to significant gaps that importers are struggling to fill,” Freightos said. Other findings include: 31% of respondents are more concerned now than in April; 48% are equally as concerned; 20% less concerned 42% of importers rated the degree to which their business was disrupted as a full 10/10 disruption score, with an average rating of 7.5/10; down from April, when a full 60% of importers rated their degree of disruption as a 10/10 Some respondents said that they were unable to import goods as the 30% tariffs were still too high for small businesses, that expenses shot up leaving importers upside down on some deals, and that they see no way to plan ahead amid what seemed like daily changes and confusion. ADAPTING Respondents said they have found ways to adapt to the changing environment, including: 47% paused shipments and are now increasing imports following the reprieve’s implementation 15% changed suppliers as a result of the changes 7% decreased imports as a whole Since many businesses delayed shipments in April and are now urgently shipping to restock, there is increased potential of bullwhip effects that lead to persistent disruptions regardless of tariff changes going forward, Freightos said. DOMESTIC SOURCING While one of the stated goals of the tariffs was to change US sourcing patterns, changes remain minimal – 30% of businesses are considering it and only 6% have actually done so, the survey showed. The slight shift in sourcing patterns and the pauses in ordering from China likely contributed to reduced traffic at the West Coast ports of Los Angeles and Long Beach. Kip Louttit, executive director of the Marine Exchange of Southern California (MESC), said the ports of Los Angeles and Long Beach are seeing fewer arrivals than normal. Only 92 container ships arrived in Los Angeles and Long Beach between 1-19 May, whereas 108 would be normal, Louttit said. He also noted about 40 container ship blank sailings that will skip Los Angeles or Long Beach through 5 July. Blank sailings are when an ocean carrier cancels or skips a scheduled port call or region in the middle of a fixed rotation, typically to reduce capacity to support freight rates. Container ships and costs for shipping containers are relevant to the chemical industry because while most chemicals are liquids and are shipped in tankers, container ships transport polymers, such as polyethylene (PE) and polypropylene (PP), are shipped in pellets. Titanium dioxide (TiO2) is also shipped in containers. They also transport liquid chemicals in isotanks. Thumbnail image by Shutterstock

Additional reporting by Andreas Schroeder, Eduardo Escajadillo and Ghassan Zumot CCS could prove a game-changer for Germany’s long-term energy vision Easing of debt brake could stimulate demand in new sectors Debate around resurrecting Nord Stream may be unhelpful now LONDON (ICIS)–Germany’s long-term energy policies are likely to witness critical adjustments as the new government will be looking to strike a balance between climate action, security of supply and economic competitiveness. Speaking to ICIS, Timm Kehler, CEO of Zukunft Gas, Germany’s foremost gas advocacy group, said the new administration remains committed to the country’s 2045 climate neutrality target but the means to achieve the goals are likely to undergo a sea-change. The new government has already announced its decision to lift a long-standing opposition to nuclear production, which is set to ensure the technology is treated on a par with renewable energy in EU legislation. Another game-changer might be the approval of carbon capture storage which would allow Germany to carry out plans to import gas and build gas-fired power plants while being able to transport and export carbon dioxide. OPPORTUNITIES Kehler said there are discussions on lifting the current ban on CCS and aligning with the London Protocol, an international agreement regulating the export of waste including CO2, which will provide clear signals for Germany to use gas while remaining committed to climate targets. This would open the door to a variety of opportunities including securing natural gas supplies on a longer-term basis and continuing to burn the fuel in critical sectors if it is used as feedstock for clean blue hydrogen, with the resulting carbon dioxide stored in CCS. One area that will be under scrutiny will be the decarbonization of heating, the second largest gas consuming sector after industry, which burns around 254TWh (24billion cubic meters) annually. “The decarbonisation of the heating sector is an emotional and complicated issue,” Kehler said. “It was a major breaking point of the previous government and has created headaches in the business because it’s not clear how they would tackle issues. There is a campaign to get rid of gas-fired heating but it’s not clear what that means in practice.” STIMULATING DEMAND Kehler said the ability of the current government to ease the debt brake and pave the way for a multi-billion-euro stimulus for investments in infrastructure, including energy, would implicitly lift demand for natural gas and electricity. Several areas of growth could include the construction sector, where Germany has been falling significantly below targets to expand the housing stock. Another area would be defence. “We see a shift towards investments in defence which could have an impact on the German economy,” he said. “The Coalition Treaty [an agreement signed by Germany’s mainstream centre right and centre left parties CDU/CSU and SPD] focuses on lead markets where the state has influence and which could decarbonise quicker such as green steel and defence technology, which could be a driver for new economic activity,” he added. Kehler said some sectors such as the chemical industry which was severely hit by rising energy costs in the wake of Russia’s invasion of Ukraine have seen a modest comeback but added that a share of the production that closed down or relocated may be lost for now. IMPORTS Despite the economic difficulties faced by Germany following the energy crisis of 2022, he questioned the viability of a possible regulated industrial price for electricity or gas that would help consumers to reduce costs. He said a more efficient option would be to reduce taxes to a minimum level rather than subsidise grid transmission tariffs to keep costs low. The expected surge in gas production globally could bring additional benefits to industrial consumers and Kehler believes that closer relations with the US, as the world’s largest exporter of natural gas, could be beneficial both economically and politically. He said current discussions on the potential return of Russian gas supplies via the idled Nord Stream 1 or 2 corridors were not particularly helpful. “From the point of view of supply we have lots of idle routes through Ukraine or Yamal [via Belarus and Poland] and before we have a discussion on Nord Stream we should put the focus on those transport routes in case Russian gas comes online. “However, we don’t see that [the return of Russian gas] happening, in fact we see the EU discussion moving in opposite direction [towards banning Russian gas imports],” he added. Kehler admitted that natural gas was very much part of the geopolitical discussions between the US and Russia and related to the future of Ukraine in a post-war scenario.

Hals Agro became the second company to inject biomethane into Ukraine’s gas grid Second plant in Kyiv to double capacity by end of 2025 amid planned first exports EU certification key to unlocking export potential LONDON (ICIS)– Ukrainian agribusiness “Hals Agro” plans to begin exporting biomethane to the EU and double its production output to 6mcm/year by the end of 2025. Speaking to ICIS Mariia Bielozerskykh, assistant to Hals Agro’s CEO Serhiy Kravchuk said that Ukraine’s gas transmission system served as a conduit for Russian gas flows to Europe, but “today that same infrastructure holds the potential to be repurposed for the delivery of domestically produced green gas to both Ukrainian and European markets.” BIOMETHANE PRODUCTION IN CHERNIHIV In December 2024, Hals Agro became the second Ukrainian company after Vitagro Group to inject biomethane of its own production to the Ukrainian gas transportation system and inject it into Ukrainian underground gas storage facilities. The company’s first plant in Chernihiv, launched in 2023, currently supplies around 3mcm of biomethane made from “manure, sugar beet pulp and corn silage” per year. A second plant, now under construction, in Kyiv, is projected to bring total output to 6mcm/year and “remains on schedule for commissioning by the end of this year, coinciding with our first exports of biomethane to the European Union,” the company confirmed to ICIS. Abundant feedstock supplies generated from cereal cultivation, sugar processing, dairy farming, and livestock allows Hals Agro to turn organic waste into renewable gas and digestate, which in turn returns to the soil as fertilizer. As such, biomethane presents the opportunity to “reduce dependence on imported fuels while fostering a truly circular economy.” SUPPLY SCALABILITY DEPENDS ON EU INTEGRATION Hals Agro’s planned production scale-up coincides with the initial wave of Ukrainian biomethane exports to the EU, as demand for renewable gases rises under the REPowerEU strategy. The company aims to begin exports to the EU by the end of 2025 but as Georgii Geletukha, head of the Bioenergy Association of Ukraine (UABIO) warned last week, further exports hinge on regulatory alignment and export certification. Namely integration into the EU’s Union Database (UDB) for renewable gases. “Certification through the Union Database will enable us to demonstrate the quality and sustainability of our product,” said Bielozerskykh, adding that a “robust and predictable market” must be developed to support Ukraine’s biomethane sector. To that end, “firm, long-term commitments from the EU concerning biomethane imports – together with streamlined certification procedures, cross-border trade mechanisms and reliable guarantees of origin,” are needed to “send a clear market signal and encourage investment,” according to Bielozerskykh. POST-WAR RECONSTRUCTION Ukraine faces a record 4–6bcm gas import need this year due to production losses and low reserves. With forward contracts showing no summer softening, domestic biomethane could emerge as a valuable, sustainable alternative over dependence on fossil fuel imports, especially if producers such as Hals Agro can scale up. Looking ahead to Ukrainian reconstruction, Bielozerskykh stressed that “decentralized energy solutions will be essential for rebuilding rural communities and ensuring a reliable energy supply in areas where centralized infrastructure has been damaged or destroyed” by Russian missile attacks. At the Danish-Ukrainian agro-technological business conference in April, Oleh Ryabov, head of renewable energy at Hals Agro, emphasized that expanding biomethane production could shift the focus in Ukraine away from grain exports to food and feed production, turning “traditional agrarian regions [into] energy-profitable centers of a modern energy and agro-industry.” ICIS has expanded its coverage of the emerging biomethane market via the development of the topic page “European biomethane: data, news and analysis”. Click here to access

LONDON (ICIS)–The ceasing of hostilities on both trade and war fronts are the focus of this month’s European PE and PP podcast, which assesses the impact of the US and China de-escalating their eye-watering tariffs battle for 90 days and of the India-Pakistan ceasefire. Senior editors Vicky Ellis and Ben Lake look at May’s price trends, how US-China trade relations are influencing sentiment in Europe, and are joined by senior editor Nadim Salamoun to discuss President Trump’s announcement regarding lifting sanctions on Syria, and how Pakistan’s market responded to its ceasefire with India. They also highlight ICIS coverage from the latest Asia Petrochemical Industry Conference (APIC) in Thailand, including how petrochemical demand may ramp up as US lifts Syrian sanctions, how South Korea is mulling petchem rationalization, and another ICIS podcast on Asian C2 players’ survival strategies. Podcast edited by Will Beacham

SINGAPORE (ICIS)–Japan’s overall chemical exports rose by 4.9% year on year to yen (Y) 1.05 trillion in April, even as automobiles and other imports to the US slipped amid US tariffs, official data showed on Wednesday. Exports of medical products, categorized broadly under the chemicals segment, rose by 13.2% year on year to Y119.1 billion, the Ministry of Finance (MOF) said in a statement. Overseas shipments of organic chemicals fell 3.0% year on year to Y177.8 billion in April, while exports of plastic materials rose by 4.9% to Y298 billion. By volume, shipments of plastic materials fell by 2.9% year on year to 451,274 tonnes. Japan’s total exports rose by 2% year on year to Y9.16 trillion in April, while imports slipped by 2.2% to Y9.27 trillion. This resulted in a trade deficit of Y115.8 billion. By destination, total exports to the US – the country’s largest export destination – fell by 1.8% year on year in April, while overall shipments to the Association of Southeast Asian Nations (ASEAN) were up by 1.9%. Japan’s overall exports to China declined by 0.6% year on year in April, and shipments to the EU fell by 5.2% year on year. Sweeping US tariffs, which include a 25% tariff on automobiles, steel and aluminium, and a further 10% baseline tariff rate on most countries, have spooked Japan, an automobile powerhouse. Japan also faces further 24% “reciprocal” tariffs beginning in July unless it can negotiate a trade deal with the US.

NEW YORK (ICIS)–Wells Fargo has downgraded US-based Westlake to ‘equal weight’ from ‘overweight’ on a weaker outlook for polyethylene (PE) and polyvinyl chloride (PVC). “We believe industry operating rates in North America for PE and PVC started Q2 2025 on a weaker note (low 80s) due to tariff uncertainty, making it difficult for Westlake to post quarter-on-quarter EBITDA (earnings before interest, tax, depreciation and amortization) growth in Q2 2025,” said analyst Michael Sison in a research note. “As a result, PVC and PE pricing fell in April versus March, with potential for further declines in May,” he added. The analyst slashed his 2025 earnings per share (EPS) estimate on Westlake to zero from a prior $2.60, and his 2026 forecast to $2.60 from a prior $4.90. For the upcoming Q2, he now sees a loss of $0.33 per share versus prior expectations of a profit of $0.95 per share. “We expect PVC prices will not see the usual seasonal acceleration during construction season given weakness in the housing market, though we anticipate a normal seasonal decline later this year,” said Sison. Shares of Westlake fell $3.22, or 4.1%, to $76.20 at the close of trading on 20 May 2025, hitting a new 52-week low. (Thumbnail shows pipe made out of PVC. Image by Shutterstock.)