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Producers again look to increase Polypropylene margins in March
03/06/2023
Although February Polypropylene contracts are still in the process of settling, at least one major resin producer has already come out with a March price initiative following the spike in spot PGP monomer prices last week due to ongoing production issues.
LyondellBasell on Monday announced a proposed price increase of $.06/lb on its Polypropylene products sold in North America, effective March 1. The proposed increase is in addition to any change in the upcoming March PGP contract.
This comes after PGP monomer spot prices rose nearly 20 cents last week to trade at $.705/lb on Friday. This increase was driven by continued production issues at Invista's PDH unit in Houston and due to short cover positions from monomer traders.
In the meantime, producers continue to push for February margin increases of $.03-.06/lb.
By The Plastics Exchange.
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