Ineos Olefins and Polymers seeks to raise its polypropylene prices in the US by 2 cents/lb (US$44/mt) for July, joining other producers seeking to expand margins for the second time this year, as per sources in Platts. The proposed increase would be in addition to any change in the contract price for polymer-grade propylene from June to July.
LyondellBasell, through its Equistar and Mexico City-based Basell Poliolefinas subsidiaries announced a 2-cent/lb hike over the PGP movement on North American pricing for August.
The nominations came as polypropylene contracts for June settled late last week at a 3 cent/lb (US$66/mt) increase, following a similar hike on feedstock PGP. The 4% increase pushed homopolymer injection grade polypropylene to 74-75 cents/lb (US$631-1653/mt) on a delivered-railcar basis, as assessed by Platts. Recent force majeure declarations by Formosa Plastics and Pinnacle Polymers on the production side have further squeezed an already tight supply in a busy market.