Chevron Phillips Chemical Company will increase the price for all its polyethylene resins sold in the US by 5 cent/lb as of Sept. 1, the company told customers in a letter Aug. 18 seen by S&P Global Platts.
The new cost will be in addition to its previously announced 5 cent/lb increase implemented Aug. 1, the letter said.
The company was not available for immediate comment on the announced increase.
The letter follows Dow Chemical's announcement to also implement a 5 cent/lb increase for all their PE resins sold in the US, the company wrote to customers Aug. 17 in a letter seen by Platts.
In general, PE spot export pricing has climbed over the past few months amid tight supply and availability, and as producers push their domestic PE pricing up.
One trader source said US producers want to go for another round of increases, but if the increases follow through then market players "will see more offers coming from the Middle East and Asia where market sentiment is softening a bit."
Platts assessed Aug. 17 US spot export pricing for low-density polyethylene unchanged on the day at $1,003-$1,025/mt FAS Houston, linear low-density polyethylene flat on the day at $816-$838/mt FAS Houston and high-density polyethylene blowmolding also stable on the day at $860-$882/mt FAS Houston.
