Proposed 4-cent August increase in question. Resin buyers balk at new increase in light of current business climate.
Average U.S. selling prices for resin have bounded up since July 1, fueled by rapid rises in feedstock prices. Benzene - a key feedstock used in the production of many commodity resins - closed at $2.92 per gallon in July, up almost 25 percent from June. August could bring more of the same, with benzene set to close at $3.65 per gallon, an increase of an additional 25 percent. Plastics Market Reports August 2009
Polyethylene prices firmed this week and participants continued to discuss tight supply and strong export demand. Producers are seeking to implement a 4-cent increase in PE prices in August. The outcome has not been determined and negotiations continue.
Market Analyst August 2009
Chemical makers post big sales declines; see recovery. Four U.S. chemicals makers reported significant declines in sales as the global recession strangled…