Trump says Iran war "close to over" amid hopes for more negotiations
Investing.com -- Dow Inc. (NYSE:DOW) and Exxon Mobil Corp. (NYSE:XOM) are increasing prices for plastics as the sector faces supply disruptions from the US-Israeli war on Iran.
Dow said Monday it will raise prices for North American buyers of polyethylene resins through at least May, according to a document viewed by Bloomberg. The increase includes a 30-cent-per-pound boost for April and another planned 20-cent-per-pound hike next month.
Last week, Exxon and Nova Chemicals Corp. announced April increases of 30 cents per pound, up from the 20-cent hikes they had previously planned.
US petrochemical prices have surged after the Middle East conflict halted marine traffic through the Strait of Hormuz, a route through which about a fifth of the world’s oil and liquefied natural gas flowed before the war. Those fuels are the main inputs used to produce plastics. The latest increases mean prices for polyethylene have more than doubled since before the war began, according to one buyer.
INX International Ink Co., which makes inks and coatings used to print and package goods, said it will raise prices for solvent ink products by 13% and solvent coating products by 10% from May 1, according to a letter seen by Bloomberg. The company cited higher material, energy and transportation costs tied to geopolitical disruptions, including the conflict in the Middle East.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.