What is driving the recent price surge in PCE monomer despite weak downstream demand?

What is driving the recent price surge in PCE monomer despite weak downstream demand?
PCE monomer prices have been climbing since April, even though end-user concrete demand has not fully recovered. The main push comes from the supply side: multiple ethylene oxide (EO) plants, including Wuhan Petrochemical, Tianjin, and Sinopec Sabic, have announced maintenance shutdowns lasting 20 to 45 days, with more scheduled for June. This tightening of EO supply, the key feedstock, has given monomer producers strong confidence to raise offers. Low feedstock inventories at monomer plants and limited operating rates due to hot weather have further squeezed availability, with some producers' order books already booked through mid-to-late month. While actual consumption remains tepid, the market is being driven by supply concerns and a buy-on-rumor mentality, though sustainability of the rally depends on whether downstream demand catches up.