Oil prices steadied on Friday after OPEC+ ministers resumed talks on raising oil output the day after the United Arab Emirates blocked a deal, which could delay plans to pump more oil through the end of the year.
The US plastics recycling industry could face a supply gap as recycling efforts expand due to challenges in materials collection, panelists said at a waste and recycling conference in Las Vegas June 28.
The premium for recycled polyethylene terephthalate clear flakes over virgin PET in Northwest Europe reached a record high on June 30, as prices for the materials continued to follow diverging paths, S&P Global Platts data showed.
With import PVC prices in India having lost more than 16% of value over the past nine weeks, players’ discussions have moved to whether a price floor might be nearing. A major Taiwanese producer which often sets the tone of the market approached India with a $130/ton decrease for July.
After remaining under downward pressure from limited buying interest since the first half of May, local PP and PE prices in China have tracked a stable to a slightly firmer trend recently on the back of oil-driven gains in Dalian futures and declining inventory levels.
The European naphtha complex is set to see increased tightness as short supply of alternative feedstock LPG in Europe, coupled with robust downstream petrochemicals demand, leaves the latter with little alternatives but to increase naphtha utilization rates.
The startup of Formosa Plastics USA's expansion of its 513,000 mt/year polyvinyl chloride plant in Baton Rouge, Louisiana, has been pushed to Q4 2022 from Q4 2021, according to sources familiar with company operations.