Global polymer markets have been grappling with a dearth of supply since early Q4. Planned and unplanned shutdowns coupled with a deepening shipping crisis in the aftermath of an unexpected surge in demand have contributed to rapid price hikes in major regions. Prices for PP, PE, and PVC have more than doubled from the middle of last year.
Just when players were starting to expect a relief in supplies and prices, the markets were rattled by the news of freezing temperatures and power outages in the US early this week. A number of US producers were forced to declare force majeure on PE, PP, and PVC outputs from their plants in Texas. These unplanned production outages will add to the problems of an already tight market.
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