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Total Offers 12,354,228 lbs Spot Contract
Resin Total lbs Low High Bid Offer LDPE - Film 2,695,864 $.990 $1.120 $1.060 $1.110 PP Copo 2,652,496 $1.280 $1.520 $1.410 $1.510 PP Homo 2,584,416 $1.210 $1.430 $1.310 $1.410 HDPE - Blow Mold 1,762,300 $1.050 $1.150 $1.070 $1.120 LLDPE - Film 1,071,840 $.950 $1.040 $.950 $1.000 HMWPE - Film 573,196 $.900 $.970 $.870 $.920 HDPE - Inj 573,196 $.950 $1.060 $1.020 $1.070 LLDPE - Inj 264,552 $.960 $1.060 $1.030 $1.080 LDPE - Inj 176,368 $.960 $1.040 $.990 $1.040
Spot resin trading remained active, though our completed volumes tallied slightly below the previous week but well ahead of year-ago levels. Most spot Polyethylene and Polypropylene prices held steady for a second consecutive week, and although buyers were wishfully trying to talk the market down, there was still no real sign that US commodity resin prices were imminently headed for a reversal lower. Some market participants pointed to the return to healthy reactor rates and corresponding build in some upstream resin inventories, but domestically produced prime resin was still very difficult to source in the spot market, and Force Majeures (FM) and sales allocations remain in place for many producers. There was some resistance to market pricing early in the week, but buyers that truly needed material, clearly unable to find a better deal out there, came back later in the week to pay suppliers’ asking prices. Producers showed their intent on maintaining the firm undertone that has been the prevailing theme throughout this year by announcing another round of PE price increases for July. The July nominations came as June contracts have yet to be finalized but leaning heavily towards implementation.
As for Polypropylene trading, completed volumes were solid and like PE, still limited by prompt availability. Homopolymer and Copolymer prices held on to their gains for another week, remaining in the vicinity of all-time highs. Copolymer still commanded its $.10/lb premium to Homopolymer, which has been intact since mid-May. Copolymer was also the most active grade traded at The Plastics Exchange this past week; with limited domestic supply, most material was sourced from Asia and to a lesser extent the Middle East. PP contracts will confirm higher again in June, with producers pushing for an $.08/lb margin increase in addition to a rise in the June PGP contract. Perhaps we will see a total of $.10-$.12/lb implemented and with June PGP monomer trading at a premium to July. We might expect producers to push for the lion’s share of the increase to be slanted towards margin, which is more sustainable than the cost-push PGP induced increase, some of which could potentially erode next month unless July monomer strengthens.
Sourced from: https://www.theplasticsexchange.com/Research/WeeklyReview.aspx
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March 21, 2022
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Author:
Mr. Northen
Phone/WhatsApp:
8617390902419
March 21, 2022
March 08, 2022
May 17, 2021
May 31, 2021
May 31, 2021
March 16, 2021
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