Reporting Live From Pack Expo In Chicago; Polymer Markets Mostly Weaken WoW, Appear Likely To Weaken Further In 4Q24

Polymer Market Trends: Global spot polymer prices, on average, declined last week. US spot polypropylene (PP) showed the most significant decline last week as domestic spot propylene markets continued to loosen.
Chemical Market Trends: US spot polymer-grade propylene prices fell WoW amid the rising expectation for greater production; US and Asia spot ethylene values strengthened last week relative to weakness in Europe.
Feedstock Market Trends: Global chemical production feedstock cost movements were mixed last week, with USGC ethane and Ex-US naphtha values declining while USGC propane and US natural gas prices increased.
Agriculture Market Trends: Global spot ammonia prices were mainly unchanged last week, and declines in Ex-US natural gas relative to US prices suggest lower ammonia prices and downward pressure on US margins.

Exhibit 1 – Chart of the Day: US PGP contract and spot prices fell in October; its spot price weakened again last week.