Bittersweet Symphony – Global Spot PP Prices Fall, While US Spot PE & PVC Prices Reflect Support Relative To Europe & Asia!

Polymer Market Trends: Global spot polymer prices were mixed last week, with global spot PP prices seeing the most significant declines WoW, while US spot PE and PVC reflected support compared to Europe and Asia.
Chemical Market Trends: US spot PGP prices reflected support WoW in absolute terms that stalled its 2H24 slide relative to RGP. Global spot benzene prices, on average, were among the strongest in base chemicals.
Feedstock Market Trends: Global chemical feedstocks were mixed WoW, with Brent Crude oil and US natural gas rising while Ex-US natural gas values fell WoW. Ex-US naphtha and US ethane were relatively unchanged.
Agriculture Market Trends: Ammonia prices were again unchanged WoW, though natural gas cost shifts hurt the US cost advantage relative to Europe and Asia, suggesting downward pressure on ammonia prices.

Exhibit 1 – Chart of the Day: US spot PGP prices have contracted to a YTD low relative to US spot RGP in December.