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NOVA Chemicals, Baystar Polymers join list of producers raising US Sep. PE prices

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NOVA Chemicals, Baystar Polymers join list of producers raising US Sep. PE prices

Highlights

Market participant doubtful increase will follow through

Pricing hike set to be implemented Sept. 1

Houston — Baystar Polymers and NOVA Chemicals will increase the price of all their polyethylene resins sold in the US by 5 cents/lb as of Sept. 1, the companies told customers in letters on Aug. 20 and Aug. 19, respectively.

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The new cost will be in addition to previously announced 5 cents/lb increases implemented Aug. 1, according to the letters, both of which were seen by S&P Global Platts.

The companies were not available for immediate comment on the announced increases Aug. 20.

Earlier in the week, Chevron Phillips Chemical Co., LyondellBasell's subsidiary Equistar Chemicals and Dow Chemical also announced plans to implement a 5 cents/lb increase for all their PE resins sold in the US, according to letters to customers seen by Platts.

Various market players said they expected producers to announce price increases for September in addition to their previous hikes as producers want to continue raising pricing for PE products in order to recover losses sustained due to the coronavirus pandemic and as economies slowly reopens.

One trader source said he believed the August increase stood a good chance of being accepted, but was doubtful about whether September's would go through.

Platts assessed US spot export pricing for low-density PE unchanged week on week Aug. 19 at $1,003-$1,025/mt FAS Houston, while linear low-density PE butene increased $11 on the week to $827-$849/mt FAS Houston and high-density PE blowmolding was stable at $860-$882/mt FAS Houston.