• Raw material dynamics: Following the West Asia war, supplies from the Gulf stopped entirely and China became the sole source, with monomer landed prices surging from $1,000 per ton to $1,650 in March before settling around $1,500.
• Demand and pricing: While OEM demand remains steady, non-OEM demand in April is heavily dented by elevated prices, labor shortages, and gas supply constraints, prompting the company to pass on costs and pause new fixed contracts.
• Volume growth guidance: Management projects an 8% to 10% volume growth for the year driven by ABS, contingent on market conditions returning to pre-war normalcy by June or the second quarter.
• ABS capacity utilization: The ABS unit is operating at a curtailed 65% capacity due to a critical equipment failure, with the share of value-added products expected to increase from nearly 40% to between 44% and 45%.