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ExxonMobil announces PP price decreases
HOUSTON, May 20, 2016 (PCW) -- ExxonMobil on Thursday notified customers that it will reduce PP prices by 3 cpp - and 5 cpp in the case of some common PP homopolymer (HoPP) grades - starting June 1. The price reductions will be in addition to any change in monomer contract prices.
The ExxonMobil HoPP grades set to drop 5 cpp include 13, 20 and 35 melt index injection molding grades; 3.5 and 4.2 melt index raffia extrusion grades; and several oriented PP film/tape grades.
US PP producers raised prices throughout 2015 and into 2016, benefitting from strong demand growth and tight supply. However, the higher prices attracted a flood of imported PP resin and finished goods, which has forced domestic suppliers to backtrack on some of the contract price increases and shed excess material at discounted spot prices.
US HoPP markets, which tend to be more commoditized, have taken the brunt of the import pressure, while CoPP markets have remained relatively balanced. Domestic resale prices for generic prime HoPP have fallen by about 8 cpp over the past 3 months, according to PetroChem Wire assessments, while monomer contract prices have risen 2.5 cpp. -- David Barry