Category

Countries

LyondellBasell Boosts North American Polypropylene Prices in March
LyondellBasell Boosts North American Polypropylene Prices in March

LyondellBasell Boosts North American Polypropylene Prices in March

  • 29-Feb-2024 2:58 PM
  • Journalist: Peter Schmidt

LyondellBasell Industries (LBI), a preeminent US-based entity and the world's largest producer of polyolefins, has unveiled its strategic plans to implement price increases across all polypropylene (PP) grades for March shipments within the North American market. This decision entails an upward adjustment of 3 cents per pound or USD 66 per tonne, with potential further modifications linked to the price fluctuations of polymer-grade propylene (PGP), effective from March 1, 2024.

This announcement represents a refinement to the earlier communicated price surge of 4 cents per pound (USD 88 per tonne) for all PP grades in the Americas, initially intended for implementation on February 1. The revised adjustment, wherein the increase has been scaled down to 3 cents per pound (USD 66 per tonne), has been in effect since February 1.

The driving force behind these pricing adjustments can be attributed to the enduringly low inventories of propylene, compounded by supply disruptions that have persisted from the preceding year into the first half of the current year. Despite a sustained subdued demand, these supply disruptions have hindered the restoration of supply ramps within the industry.

The polypropylene pricing landscape in North America is currently undergoing a wave of adjustments, with several US manufacturers having already conveyed their intentions to raise PP prices in March. Notably, LyondellBasell stands out as one of the foremost global manufacturers of polypropylene, holding a leading position in the supply of polyethylene and catalysts. Additionally, the company actively participates in the development of cutting-edge technologies associated with the production of polyethylene and polypropylene. LyondellBasell's expansive manufacturing footprint extends across 58 production sites spanning 18 countries worldwide, underscoring its global reach and influence.

The company has played a pivotal role in advancing polypropylene production technologies, most notably through the development of the Spheripol process. This innovative process serves as the cornerstone for polypropylene production at key facilities such as Omsk Poliom and Nizhnekamskneftekhim.

LyondellBasell's strategic decision to implement price adjustments for polypropylene in North America reflects the intricate dynamics of the industry, grappling with challenges related to propylene supply disruptions and navigating the prevailing market conditions. As a key player in the global polyolefins landscape, the company's judicious pricing decisions are closely scrutinized within the industry, exerting a notable impact on various sectors reliant on polypropylene materials. The nuanced approach to pricing adjustments underscores LyondellBasell's commitment to adapting to the evolving landscape while maintaining a leadership position in the dynamic realm of polypropylene production and distribution.

Related News

Spectra Systems Introduces Revolutionary Certified Circular Polymer for Banknote Substrate
  • 03-Apr-2024 2:17 PM
  • Journalist: Gabreilla Figueroa
INEOS Acquires TotalEnergies' Lavera Petrochemical Assets in Southern France
  • 02-Apr-2024 3:48 PM
  • Journalist: Nicholas Seifield
South Korea's LOTTE Chemical Launches New Translucent PP Compounds
  • 02-Apr-2024 4:00 PM
  • Journalist: Timothy Greene
Polypropylene Prices Gain Strength in US and Europe, MEA Sustains Stability for Late March 2024
  • 02-Apr-2024 6:24 PM
  • Journalist: S. Jayavikraman