Key Chemicals Keep Rallying in US on Strait of Hormuz Disruption

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.