Lates News

Dow and ExxonMobil, among other companies, are raising plastic prices in response to the supply impact of the U.S.- Iran conflict. According to documents, Dow announced on Monday that they will increase the prices of polyethylene resin (common plastic used in packaging, films, and containers) in the North American region at least until May. The price hike plan includes a 30 cent increase per pound in April and a planned additional 20 cent increase the following month. Documents show that last week ExxonMobil and Nova Chemicals also announced an increase of 30 cents per pound in April, higher than the previously planned 20 cent increase. The prices of American petrochemical products have significantly increased after the conflict in the Middle East almost disrupted shipping in the Strait of Hormuz. With tightening supplies and rising costs gradually being passed on to consumers, one buyer stated that the latest increase means that polyethylene prices have doubled since before the war.