Spot polyethylene prices gained one cent on average last week, while polypropylene went up by a penny for the first time in seven weeks.

Just a month ago, the resin market was essentially in free fall. That changed dramatically, as strong exports, reduced production, and a rapidly recovering oil market moved polyethylene prices higher while polypropylene held steady, according to the PlasticsExchange.

Strong export demand, more stability in energy and feedstock costs, shuttered facilities reopening, and fresh opportunities to reshore manufacturing put a bounce in buyers’ and sellers’ steps.

A $0.01/lb spot increase for most commodity-grade polyethylene (PE) and polypropylene (PP) resins last week was a small, yet meaningful, uptick compared to the much larger decline seen over the past couple of months, notes the PlasticsExchange.