Price Increase for September!
Resin markets slowed further into month end and most industry participants seemed to take early leave for the long Labor Day holiday weekend. Polyethylene prices held flat again but maintained their upward bias. After a very strong start to August, demand tapered back.
The more active hurricane season has been keeping
participants on their toes as Hurricane Idalia hit Florida during the week. A
bullet was dodged as the storm veered away from the petrochemical producing part
of the Gulf Coast, where much of the nation's resin production is situated;
however, the threat will remain relevant for the next two months. Producers
have nominated September price increases for both PE and PP contracts, they are
logically in place during hurricane season, but could potentially find favor
anyway as supply / demand dynamics have been shifting pricing power back to
sellers.
Film producers are pushing for a 4% increase for the end of
September. Will watch and see how it
plays out.
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