ExxonMobil, the largest private US petrochemical company, announced an increase in May prices for polypropylene (PP) in the US market, ICIS reported citing the company’s statement to customers on April 11.

According to the statement, the company intends to raise the prices of all brands of PP by 4 cents per pound or USD88 per ton.

In addition, the statement said that this increase in prices does not depend on previously announced price adjustments of propylene monomer.

Thus, the company’s PP prices will be increased from March 1 or according to the terms of the current contracts.

Earlier it was noted that Braskem, LyondellBasell and Ineos raised their PP quotes in April by 3-5 cents per ton.

Major manufacturers of PP in the United States are companies such as Braskem, ExxonMobil, Formosa, INEOS, LyondellBasell and Total Petrochemicals.

According to the ICIS-MRC Price Review, last week the demand for PP from the Russian domestic market was quite good, although not in all regions. Due to problems with logistics in some regions, processors have suspended their purchases of PP. While there is no serious increase in demand for polypropylene from the domestic market. Some of the processors still have leftovers from the March purchases of polypropylene. In addition, in March, due to poor weather conditions in the segments of consumption, sales of finished products were quite low.

Exxon Mobil Corporation is the American largest private oil company, one of the largest corporations in terms of market capitalization in the world. The company conducts oil production in various regions of the world, including the USA, Canada, the Middle East, Azerbaijan, etc.