Not much new to review per the Plastics Exchange - 'This past week, shortened by the US Independence holiday, ushered in the 3rd quarter, but spot resin market activity was slow to begin as many market participants took off for their summer vacation.' PE prices held firm, resisting processor's desires for some relief. PP prices firmed some as well after seeing a $0.10/lb decrease in the 2nd quarter. See update here.
Per the Plastics Exchange PE resin pricing is holding steady although pressure from processors to get back some of the recent gains continues to mount based on new capacity expectations and slowing demand. PP resin continues to move downward with plenty of supply and limited demand for exports. See update here.
Plastics News - In a surprise move, ExxonMobil Chemical Co. has announced that it will reduce U.S. polypropylene resin prices by as much as 5 cents per pound in June. The move will take place regardless of any price change for propylene feedstock, market sources said. See Plastics News article here.
Plastics Today - A surge in new plastics chemical capacity coming from low-cost producers in North America, the Middle East and China is driving an oversupply in the global market for polyethylene (PE) and polypropylene (PP). The glut will pressure margins for producers and change the global competitive landscape, according to a new report from global business analyst IHS (Englewood CO). See Plastics Today article here.
Plastics Today - The UOP business of Honeywell (Morris Plains, NJ) broke ground on a new manufacturing facility outside Shanghai to produce materials used to convert methanol from coal into feedstocks for making plastics. This breakthrough technology allows China and other countries to tap abundant, low-cost coal resources to meet growing demand for plastics. See Plastics Today article here.
PE pricing remained flat for the early part of May. Improving PE production from Mexico could signal downward price pressure in the coming months. Oil pricing is again on the rise, however, and gives producers a talking point for maintaining recent price gains. See update here.
PE pricing, supply and demand remains fairly unchanged. Oil prices continue to move up due to supply outages and increased Asian demand, but slowing PE demand domestically coupled with improving supply has kept resin pricing in check. See update here.
PE trading was apparently uneventful this past week with little change in pricing, supply and demand. See update here.
Solid PE demand allowed producers to solidify the $0.04 April increase bringing the two month total gain to $0.09/lb - offsetting the previous 3 decreases stretching back to September. See update here.
PE resin pricing has made steady gains over the past couple months as demand has improved domestically as well as for exports. TPE anticipates the 4% April increase to hold for the most part, adding to the 5% increase already implemented. See update here.
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