AKRON, OHIO (July 5, 3:30 p.m. ET) — A recent North American polyethylene price decrease and an increase in polystyrene prices in the region are featured in this week's Material Insights video.
North American prices for high and linear low density PE are down 3 cents since June 1, while LDPE prices have fallen 6 cents, according to buyers contacted by Plastics News. In PS, prices climbed 7 cents in May. The PE drop was tied in to higher inventories and lower oil prices, while the PS increase resulted partly from higher prices for benzene feedstock.
Nova Chemicals' big announcement of new PE production in Canada also is featured in this week's video. Nova plans to open two new lines — one making LLDPE and one making both HDPE and LLDPE — to take advantage of newfound supplies of natural gas. No locations have been confirmed, but many believe the new lines will be near existing Nova ethylene capacity in Ontario or Alberta. The lines should begin production between late 2014 and 2017.
The video wraps up with news that PS leader Styron LLC is planning an initial public offering of its stock. No date has been scheduled, but officials with Berwyn, Pa.-based Styron said they plan to sell up to $400 million of common stock, and use part of the proceeds to repay debt.