Polyethylene Resin Demand is high and prices look to be on the rise too.
Polyethylene trading continued to tick along at a rapid rate; the spot market is seeing both better demand and lighter supply. HDPE prices edged another half-cent higher, while all other grades held steady. The PE market has a firm undertone and the lower end of the pricing spectrum has moved up in general. According to preliminary reports, which will surely see some adjustments, domestic Polyethylene sales were a whopping 2.8 billion lbs in March, a figure eclipsed just once, and barely, since Oct 2007.
PE exports also increased dramatically, rising to nearly 750 million lbs, 21% of total sales, a typical figure in years gone by, but also the best in 16 months. While PE producers ramped up reactor rates to 98%, all the added production still required 140 million lbs of Polyethylene to be drawn from collective upstream inventories to satisfy the extraordinary demand. It was the first reduction since July 2014; producers began April with about 3.8 billion lbs on hand.
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