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Processors are recognizing the reality of the $0.03/lb September contract price increase, said the PlasticsExchange in its Market Update, adding that it finally saw spot prices firm up a penny midweek.
A series of events jarred the resin trading markets last week, including the attack on Saudi oil infrastructure and a flash flood near the heart of Houston-area petrochemical facilities, but prices remained remarkably stable.
Producers are prepared to increase prices by as much as $0.07/lb in the event of a Middle East military conflict, severe weather situation, trade war resolution or other significant supply chain disruption.
Contract prices (not including unreported discounts) have remained relatively high, but producers have been generous with their spot discounts, which provide savvy buyers with great deals, reports the PlasticsExchange in its weekly update.