Polypropylene resin prices took what may be a record jump in February, catapulting up by 34 cents per pound in North America.
That increase comes on top of PP prices already up a combined 27 cents in December and January.
The PP market is facing unprecedented shortages. Supplies already were tight before extreme cold, ice and snow hit Texas, including the Gulf Coast region that is home to many resin plants.
“We’re hearing that some of these [PP] plants [expected to] be up and running by the end of [February], but some of these shortages could last another two months,” said Marc Fern, executive vice president with resin distributor M. Holland Co. in Northbrook, Ill.