Houston — Formosa Plastics Corporation USA plans to increase its polypropylene prices in the US by 3 cents/lb for March, the company said in a letter to customers S&P Global Platts obtained Tuesday.
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The company was not available to comment on the proposed increase.
Formosa said it would raise the price of all polypropylene products in the letter dated February 3.
The letter said the increase would be in addition to any change in monomer pricing.
This comes as other producers also announced a price increase for March. Lyondellbasell and Total Petrochemicals announced a plan to increase their PP prices in the US by 3-4 cents/lb January 29, while Braskem America announced a plan to increase their March US PP prices by 3 cents/lb Monday.
US polypropylene saw a week-on-week uptick and continues to trend higher on firm producer-to-trader pricing, market sources said Friday.
Platts assessed US homopolymer injection-grade polypropylene flat Monday at $1,003-$1,025/mt (45-46 cents/lb) FAS Houston, on a lack of fresh pricing indications.