The spot resin markets were extremely busy the first week of June: Market liquidity was excellent and our trading desk converted a high percentage of resin inquiries into completed transactions, writes ThePlasticsExchange.com in its weekly report.
Polyethylene volumes continued to outpace polypropylene, and prices for both material groups were again steady. PE contracts were up $0.05/lb in May, recovering some of the $0.16/lb decreases seen in November through February. Producers have nominated another $0.05/lb increase for July.
Polypropylene contracts were flat to a penny lower in May, and negotiations could get interesting in June—PGP monomer is weak, while resin producers are seeking another increase.
Overall resin exports are still flowing offshore; however, the pace is significantly slower than it was a couple of months ago.
To read the full report, go to ThePlasticsExchange.com.