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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).
Continued strong demand for low-density (LD) and linear-low-density (LLD) polyethylene (PE) resins raised prices by $0.01 to 0.02/lb last week, reports the PlasticsExchange (Chicago). High-density PE prices held flat.
Select grades of polyethylene (PE) and polypropylene (PP) resins were challenging to source last week. Most low-density PE film grades have been outright scarce, commanding a healthy premium, especially for immediate availability.
Prices gained a cent and then gave it back as tensions subsided, but the proverbial bloom was off the rose, which highlighted the very real geopolitical risks that can affect our energy-derived resin markets.