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Spot polyethylene (PE) prices were steady to a penny lower last week, while polypropylene prices firmed a cent based on higher propylene monomer costs, reports the PlasticsExchange in its Market Update.
While there was a good flow of both buy and sell inquiries, processors were generally apprehensive to pull the trigger, and, ultimately, the completed volumes were less than average. PE prices are expected to slide over the coming months.
Spot demand was off the first week of March as buyers remained cautious, caught between the need to procure material for ongoing business and growing economic concern due to the spread of the coronavirus.
Upward pricing momentum persists, but some caution that the spread of coronavirus could bring a significant economic headwind and damage demand, reports the PlasticsExchange (Chicago) in its Market Update.
There is good momentum for prices to continue to move higher, as long as there is no new market shock or major acceleration in the spread of the coronavirus, according to the PlasticsExchange (Chicago).