The spot resin markets were active to begin November, with generally adequate supply and mostly lower prices. Spot-trading platform, The Plastics Exchange (TPE) noted that there was relatively high number of transactions completed, especially considering it was the first week of the month, which is often slow. October polyethylene (PE) contract negotiations were contentious and might not yet be fully settled.
While most producers took a firm stand down $0.03/lb, several relinquished another $0.02/lb granting processors the entire $0.05/lb decrease they sought. Polypropylene (PP) contracts settled early in the month down $0.14/lb, following the same change in polymer grade propylene (PGP) monomer. PP contracts will likely drop another $0.04/lb in November, perhaps even more, PE producers will seek to recoup the nickel lost in October.