LDPE Spot Prices in the US notice stability in March

Low-Density Polyethylene spot prices throughout March have shown stability mainly due to a relaxation in the price of feedstock ethylene prices. Spot ethylene monomer price dipped by over 21% during the period 25th February 22 to 18th March 22. The dip in price was in tandem with the decrease in prices of Natural Gas Liquids (Ethane and Propane) during the same period.

Spot LDPE film and Injection grades’ trade volumes saw a spike in the first week of March in expectation of higher future prices in the wake of turbulence in eastern Europe and possible retaliation from the west in the form of sanctions on Russian oil and gas which could cause the prices of Natural gas which would, in turn, increase the prices of Ethylene. Natural gas prices in the US have indeed risen by USD 0.54/MMBtu in the first week of March.

While most resin material transacted in March was off-grade, prime quality resin swaps have been very few. Supply tightness in the anti-block and slip additives market persists adding to the woes of downstream film extruders. Exports from the gulf coast continues to be hampered due to a lack of shipping space. Most warehouses remain stacked as exporters around the gulf coast region await ease in container shortage.

Film and Injection grade LDPE prices have been assessed to be constant at USD 2025/MT and USD 1980/MT respectively for the third consecutive week as producers were hesitant to enforce the conceived price push for the month of March due to a dip in prices of feedstock ethylene monomer prices. The month of April, however, could see producers raising their offers by USD 0.06/lb as the last week of March saw Natural gas prices rebounding to over USD 5/MMBtu which could mean a rise in prices of Natural gas liquids (Ethane and Propane).

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