US spot petrochemical prices climbed further last week, with spot polymer-grade propylene rising to its highest in more than three years after shipping disruptions in the Strait of Hormuz.
Spot polymer-grade propylene, or PGP, rose to 61.5 cents a pound on Friday, a level last seen in March 2023. The material is used to make polypropylene plastics found in packaging, automotive parts and consumer goods. Tighter supply caused by the war in Iran has supported recent gains. Ethylene, a key feedstock for polyethylene, climbed to 33.5c/lb.
Methanol traded on the US spot marketed continued to firm, jumping to $1.425 a gallon, its most expensive since November 2021. Roughly one-third of global seaborne methanol trade moves through the Strait of Hormuz, and concerns over flows intensified after the US Navy moved to blockade Iranian shipping in the waterway on Monday.
Spot butadiene surged to 76 cents a pound, the highest since September 2022. Primarily used to make synthetic rubber, more than 70% of US consumption is tied to tire production, meaning shifts in availability can quickly tighten supply for US producers.
US Gulf Coast spot prices :
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