The increase was also driven by an early-January rise in prime polypropylene prices.
HoPP regrind prices hit the lowest levels in over a year at the very beginning of 2017, with mixed-color material slipping to a level in the mid-to-high-20s cents per pound. But prices recovered to around 30 to 32 cents per pound FOB eastern U.S. (including Florida and mid-Atlantic states) by last week, a level last seen at the end of November.
HoPP mixed color repro prices recouped most of their early January losses last week, reaching 43 to 44 cents per pound FOB Midwest and U.S. South, just a penny shy of late-December levels.
In the prime polypropylene market, spot prices moved higher in response to quickly rising monomer costs. Some PP suppliers were reportedly cutting back production to avoid accumulating high-cost inventory.
January HoPP raffia and injection molding finished the week at 48 cents per pound railcar FOB Houston, up 4.375 cents per pound, or 10 percent, from the previous Friday. Polymer-grade propylene rose 8.25 cents per pound last week to 49 cents per pound FOB Mont Belvieu, Texas.
For a free trial to PCW’s Weekly Recycled Plastics Report, Weekly PVC & Pipe Report or Daily Report on prime resins, monomers and NGLs visit the PetroChem Wire website at petrochemwire.com. You can also contact Cindy Bryan at firstname.lastname@example.org or 713-385-1407.