In the U.S., Polyurethane (PU Resin) prices increased by 0.6% during the week ending 30 January 2026, as a result of stable production, a slight increase in feedstock prices, and logistical delays due to weather conditions, despite the weak demand trend in the construction and automotive industries.
The supply of U.S. PU Resin continued to be steady through the week, although there were a number of underlying factors that provided a gentle upward pressure on prices. Manufacturing conditions improved, as evidenced by the January data, which showed that operating conditions in the industrial sector continued to improve, supporting steady PU Resin supply. The trends in the raw materials also provided some support, as although TDI prices were steady, MDI was up 0.2%, providing the resin suppliers with some justification to increase PU Resin prices.
However, the biggest supply-side factor came from logistics. The harsh winter conditions on the East Coast, along with storm systems that produced 9–12-meter waves, delayed ships and closed ports for short periods. Inland logistics were also affected as rail congestion, reduced trucking availability, and poor conditions in Nashville and Memphis slowed movement. Although production was not affected significantly, the slowdown in logistics supported the moderate PU Resin price increase seen during the week.
Demand for PU Resin was muted as key downstream markets recorded low growth. The construction market faced difficulties as U.S. homebuilder sentiment weakened in January. This was attributed to issues with affordability, high mortgage rates, and increasing costs associated with projects. Consequently, demand for PU Resin was affected, particularly in insulation, coatings, and sealants. However, high-end housing markets recorded stable demand despite the difficulties faced by other markets.
The automotive market did not provide any support either. The new vehicle SAAR for January was estimated at 15.3 million vehicles, lower than last year's figure of 15.5 million vehicles and also lower than the previous month's figure of 16.1 million vehicles. This weak demand picture did not induce converters to build up inventories. Hence, the market depended on the base demand.
Looking ahead, prices for PU Resin in the US are likely to continue on a relatively stable, or possibly slightly upward-trending, course. Logistical issues stemming from weather-related problems could persist into early February, which might prolong transportation-related delays. The costs of feedstocks will not have a significant upward influence unless MDI prices continue to rise, but steady TDI values should help prevent volatility.
Demand recovery is still in question for PU Resin, with expectations of limited construction activity until affordability increases, and potentially weak automotive demand unless consumer confidence improves. Nevertheless, a slight positive impact from improving manufacturing sentiment could be seen. In summary, the PU resin market is expected to see limited fluctuations, with supply chain pressures rather than demand drivers being the key price support.
