Polymerupdate European resin pricing, August 31-Sept. 4: PP, HDPE, LLDPE, PS, ABS, and PVC up; PET outlook bearishPolymerupdate European resin pricing, August 31-Sept. 4: PP, HDPE, LLDPE, PS, ABS, and PVC up; PET outlook bearish

Polypropylene (PP) prices raced higher in Europe last week, according to Polymerupdate, gaining on firmer propylene, tight regional availability, bullish PP prices in the U.S., and a lift in regional buying interest. In the contract market, homopolymer injection-grade PP rose to €1080/tonne FD Northwest Europe, while PP copolymer rose to €1130/tonne FD Northwest Europe. Spot prices also rallied with PP injection hitting €1005/tonne FD Northwest Europe and PP copolymer at €1055/tonne FD Northwest Europe. In Turkey, Petkim reportedly hiked its PP injection and raffia grades to FCA Aliaga $1320/tonne. Offer prices to Istanbul rose to $1355/tonne CFR Istanbul.

High-density polyethylene (HDPE) contract prices were sharply higher, with HDPE injection molding at €1130/tonne FD Northwest Europe, and HDPE blowmolding prices at €1120 to €1130/tonne. HDPE film was assessed at €1110/tonne FD Northwest Europe. Tight product availability kept the scales tipped in the sellers’ favor and supported a spike in spot prices with HDPE injection, blowmolding, and film grades rising to €1040 to €1050/tonne FD Northwest Europe. The price gains were also supported by firmer demand as buyers returned from summer holidays and replenished depleted stocks.

Linear low-density polyethylene (LLDPE) supplies remained tight in Europe, on the back of limited imports and reports of some improved buying in September with the return of players from summer holidays. Contract LLDPE prices rose to €1110/tonne FD Northwest Europe. In the spot market, LLDPE rose to €1060/tonne FD Northwest Europe. A trader contacted by Polymerupdate said the market remains cautious, with negative cues from Asia making it possible that Asian cargo could head to Europe in the weeks ahead.

Polystyrene (PS) contract prices dropped, with an announcement by BASF to reduce its September styrene monomer (SM) and PS contracts prices seen as partly responsible for the downward push. General-purpose PS contracts fell to €1205/tonne FD Northwest Europe and FD Italy. High-impact PS contracts dropped to €1260/tonne FD Northwest Europe. SM contracts for September dropped €84/tonne to €874/tonne FD Northwest Europe, compared to the August settlement of €958/tonne FD Northwest Europe. In the spot market, GPPS and HIPS prices were flat at €1025/tonne and €1080/tonne FD Northwest Europe, respectively.

Acrylonitrile butadiene styrene (ABS) general-purpose and natural-grade contracts edged higher, following an announcement by Dow Chemical that it was hiking European, Middle Eastern, African, and Indian contract prices of ABS by €75/tonne in September. ABS contract prices rose to €1425/tonne FD Northwest Europe, supporting by steep gains recorded in acrylonitrile (ACN) and butadiene. Styrene monomer (SM) prices also fell, with contract prices at €874/tonne FD Northwest Europe, down €84/tonne from August. In the spot market, ABS prices were assessed at €1190 to €1195/tonne FD Northwest Europe.

Polyvinyl chloride (PVC) prices firmed, with contract suspension-grade PVC at €970/tonne FD Northwest Europe. In the spot market, prices were assessed at €855/tonne FD Northwest Europe. Gains in ethylene and vinyl chlorine monomer (VCM) supported the higher prices, as well as tight regional availability and improved September interest following the end of summer holidays. Europe’s PVC markets were also impacted by troubles at Vinnolit’s 160,000-tonnes/yr plant, and the ongoing force majeure by Ineos ChlorVinyls on VCM supply from Rafnes and on all its PVC supplies from its plants at Porsgrunn in Norway, Stenungsund in Sweden, Aycliffe in the U.K., and Wilhelmshaven in Germany.

Polyethylene terephthalate (PET) bottle-grade contract prices were assessed at €1205/tonne FD Northwest Europe. In the spot market, PET bottle-grade prices were at €950 to €970/tonne FD Northwest Europe. The bearish pricing undertone was driven by cues from upstream paraxylene (PX), terephthalate acid (PTA), and mono-ethylene glycol (MEG). September PX contract prices settled at €760/tonne FD Northwest Europe, a rollover from August that reaffirmed softening pricing fundamentals. A PET buyer told Polymerupdate that the peak demand season is behind the market and the material’s outlook remains bearish. In related market news, an antidumping investigation has been launched into high-tenacity polyester yarn imports according to China’s Ministry of Commerce. The Commission has initiated the probe following a petition received by the European Assn. for Synthetic Fibers regarding alleged dumping by China, South Korea, and Taiwan. —[email protected]