Slower US volume recovery
Despite tariff reduction, recovery in US export volumes may take several quarters and depends on customer demand and substitution effects.
GRP / bear-case history
Track the concerns that keep returning.
GRP · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
Pyrolysis plant stabilization delays
The pyrolysis and carbon black plants are operating below expectations, and stabilization has taken longer than anticipated, with next expansion deferred to August 2026.
Raw material cost inflation not fully passed through
One key raw material grade saw a 45% increase in input costs, with only 35% passed through; full pass-through expected from next quarter but remains uncertain.
Recycled polypropylene pricing pressure from Chinese imports
Virgin polypropylene prices declined 30-35% YoY due to low-cost imports from China, compressing spreads and slowing demand for recycled content.