Spot supply for most commodity grades of polyethylene (PE) and polypropylene (PP) were available and ample, and prime prices were steady across the board.

Hopes for a price increase on polyethylene (PE) resin were dashed last week, when a major producer announced that it would hold contracts flat this month. Two other producers then shocked the market by following up with an actual $0.03/lb decrease for May.

Only exception is injection-grade HDPE, which continues to rise because of its scarcity in the secondary market.

Resin sellers chased bids amid weakening sentiment last week; the trend is expected to continue into May.