The North American polypropylene market remains as volatile as ever.
PP prices reversed direction in April, dropping an average of 11 cents per pound. PP prices had been up 8 cents in March.
The price drop matched a drop seen in prices for polymer-grade propylene (PGP) feedstock. The increase in March also matched PGP.
Prices had been up a total of 27 cents in the first three months of 2023. By comparison, prices had been down a net of 42 cents for full-year 2022.
The April price drop on both PP and PGP was anticipated by New York-based PP supplier Blue Clover LLC. In a market update, officials with the firm said that it has seen less PP resin being offered into the market in late April compared to the end of March.
"This is a possible sign of the long market beginning to balance out," they added. "This balancing can still take several months, which is why we think its greater than 50-50 that PP pricing will slightly decrease in May, maybe 3-6 cents for prime."