August saw a range of movement in North American commodity resin prices, with prices for one material up, two down and two flat.
Polypropylene was the only commodity resin to see higher prices in August. Regional prices for that material increased by an average of 2 cents per pound, marking the third consecutive monthly price hike.
The August PP increase was influenced by prices for polymer-grade propylene monomer feedstock. Regional PP prices had climbed 5 cents in July and 2 cents in June. The July hike also was tied to higher PGP prices, as well as supply concerns over brief outages caused by Hurricane Beryl, which hit the Houston area in early July.
Hurricane Francine — a weaker storm that hit Louisiana on Sept. 11 — caused brief shutdowns at PP units operated by ExxonMobil Chemical in Baton Rouge and by Pinnacle Polymers in Garyville, but those moves aren't expected to have much of an impact on the overall market, sources said.
According to market sources, Invista is expected to lift force majeure supply limits at its PP unit in Longview, Texas, by the end of September. Ineos Olefins & Polymers USA continues to have force majeure supply limits in place at its PP unit in Alvin, Texas.
Combined with previous increases and decreases, regional PP prices now are up a net of 7 cents so far in 2024.