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The polypropylene market has been categorically undersupplied because of continued production disruptions and extended force majeure declarations, reports the PlasticsExchange.
Whipsaw pricing, traditional fourth-quarter discounts that never materialized, unexpected outages, and, above all else, COVID-19 wreaked havoc on the resin market's supply-and-demand dynamics.
Many processors were hoping for a significant year-end price break from late-October highs, while resellers reluctantly restocked at still lofty levels.
Polyethylene (PE) trading picked up steam after a few weeks of lackluster demand, while robust demand for polypropylene met increasing supply last week.