LOS ANGELES
,
March 4, 2024
(Industry Intelligence Inc.)
–
U.S. Polyethylene U.S. Polyethylene trading during the week ended on February 23 held a robust pace, supported by strong global demand, according to The Plastics Exchange market update. Export sales remain a preferred destination for many producers, keeping excess material from putting downward pressure on domestic prices. Spot PE prices increased steadily during the month of February, suggesting some catch-up with a contract increase seen in January. Meanwhile, producers are unlikely to achieve their sought-after US$0.05/lb contract for February. Instead, increases have been seen at US$0.03/lb. The primary source of this information is The Plastics Exchange. Polypropylene traded at strong levels during the week to February 23 amid scarce supply and expectations for rising monomer costs, according to The Plastics Exchange market update. Tight supply was exacerbated by Braksem’s Force Majeure announcement, following a similar declaration by Ineos’ Texas site in January. PP contracts are expected to rise US$0.04/lb for February, in line with the increase in polymer-grade propylene. In addition, producers are pushing for a margin-expanding US$0.02-US$0.03/lb. increase in March. The primary source of this information is The Plastics Exchange. Ethylene and propylene trading reached fairly even volumes during the week ended on February 23, The Plastics Exchange market update shows. Early in the week, ethylene traded in Texas at US$0.195/lb., Louisiana deliveries were seen at US$0.1975/lb. Deals for February and March slipped to US$0.19/lb., sinking to US$0.185/lb. on Tuesday and Wednesday afternoon. Friday saw some recovery with deals completed at US$0.1875/lb. Polymer-grade propylene deals for February were finalized on Wednesday at US$0.55/lb, while March trades were done at US$0.5375/lb. and April at US$0.505/lb. Prices remained flat after Wednesday as buying interest tapered off. Meanwhile, the weighted average for spot February polymer-grade propylene increased more than a cent, teaching US$0.52875/lb. The primary source of this information is The Plastics Exchange.
U.S. Polypropylene
U.S. Monomers
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