Market sources in the US informed SSESSMENTS.COM that Formosa Plastics had notified its customers about its plan to increase the price of all its US polyethylene products by 4 cents/pound. The sources noted that the revised prices would be effective or all shipments as of June 1. This latest increment will apply on top of any previously announced price hikes, the statement said.
On Monday, fellow US producer Dow Chemical also announced a 4 cents/pound increment for PE products. Market sources told SSESSMENTS.COM that the price hike was the producer’s effort to stabilize the current prices in case of demand recovery as some states are trying to reopen the businesses.
Market players informed SSESSMENTS.COM that US LDPE prices stood between $849-$871/ton last week, while US LLDPE and US HDPE blowmoulding stood between $585-$607/ton and $607-$629/ton, respectively. All prices are on FAS Houston terms.
