Average polyethylene (PE) prices ticked up about $0.005/lb, while polypropylene (PP) shed a penny last week. The spot resin market was quieter and demand was off, according to spot-trading platform, The Plastics Exchange (TPE), and while the market remains relatively well-supplied, some of the cheaper railcar offers formerly available are now gone.
Houston traders and national distributors are working to unload surplus materials already warehoused, and their pricing is generally aggressive, according to TPE CEO Michael Greenberg. PE producers are pushing for a $0.05/lb increase in November contracts, seeking to implement the increase for the sixth straight month. Over that time, there has actually been three PE price decreases. Polymer grade propylene (PGP) and PP contracts slid $0.06/lb in November, and have now dropped $0.20/lb over the last 2 months.