PSCI March 2011
PE / PP Market Review
Singapore Shanghai Houston New York London Düsseldorf Dubai
Nick VafiadisDirector Polyolefins and PVC
North America
PSCIMarch 2011
PSCI March 2011
7 “Game Changers”
• Energy costs shift (nat gas / crude): now greatly favoring light feedstocks utilized in the US (ethane)
• US resin producers invest, and “shift-light”• New capacity: plagued by start-up problems• Strong global demand sparked by China• Export market became attractive and viable• Unplanned monomer and polymer outages: -
supply constraints drove pricing, not cost changes• Discipline
PSCI March 2011
Agenda
• Economy• Energy• Ethylene• Polyethylene• Propylene• Polypropylene
PSCI March 2011
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
World GDP Growth Rates(Constant 2007 U.S. Dollars)
Possible Scenario
Most Likely Scenario
Percent (%)
Forecast
PSCI March 2011
Positive Factors
Risks & Threats
Government Deficit & Debt
High Unemployment & Low Wage Growth
Geo-politics
Reduced Capital & Foreign
Investment
Emerging Market Economies
Low Interest Rates & Inflation
Mutual Support among
Regions
Con-
fidence
PSCI March 2011
07 Q2Q3Q4 08 Q2Q3Q4 09 Q2Q3Q4 10 Q2Q3Q4 11 Q2Q3Q4 12 Q2Q3Q454,000.0
55,000.0
56,000.0
57,000.0
58,000.0
59,000.0
60,000.0
61,000.0
62,000.0
Alternative Scenario
Main Scenario
World GDP GrowthQuarterly Annualized Value, Constant 2007 U.S. Dollars
02-04-0302-04-03
Trillion Constant 2007 U.S. Dollars
Peak – Q2 2008
Trough – Q1 2009
Q2 2010
PSCI March 2011
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
Economic Growth Comparison(Constant 2007 U.S. Dollars)
World N. America S. America W. Europe SE Asia NE Asia
Percent Change
PSCI March 2011
00
01
02
03
04
05
06
07
08
09
10
11
12
-8.0
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
U.S. GDP GrowthPercent (%)
Source: U.S. Bureau of Census; Forecast: CMAI
Forecast
PSCI March 2011
U.S. Economy Outlook
• Confidence
Consumer – volatile at very low level
Business (ISM) – well above recession threshold• Retail Sales – improving steadily• Manufacturing – recovery abating• Construction/Residential – still at bottom levels• Construction/non-Residential – moderating declines• Vehicle Sales – moving higher • Trade – much reduced deficit is expanding again• Inflation – limited by output gap & high unemployment• Dollar – depreciating • Financial Markets – stabilizing
PSCI March 2011
Crude Oil Highlights• Crude oil price volatility drivers…
Global economic weakness has dampened crude demand Political instability in Middle East and Africa Speculative money Value of the U.S. dollar Crude & refined product inventory which remains high
• The crude oil price forecast anticipates… Despite short term demand reduction, global economy recovers
and demand growth returns. In spite of higher prices demand will continue to grow, especially in
developing nations such as India and China. Higher demand will support prices averaging$100 per barrel level
through 2011 and move higher in 2012 In the medium to long term, continued non-OECD demand growth
keeps pressure on OPEC to sustain high output Tight S/D balance supports elevated prices in the medium to long
term.
PSCI March 2011
Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-1220
40
60
80
100
120
140
New Forecast Old Forecast
Dollars Per Barrel
WTI Crude Oil Forecast Comparison
PSCI March 2011
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 150
20
40
60
80
100
120
New Forecast Old Forecast
WTI Crude Oil Forecast ComparisonDollars Per Barrel
PSCI March 2011
05
Q2
Q3
Q4
06
Q2
Q3
Q4
07
Q2
Q3
Q4
08
Q2
Q3
Q4
09
Q2
Q3
Q4
10
Q2
Q3
Q4
11
Q2
Q3
Q4
12
Q2
Q3
Q4
300
400
500
600
700
800
900
1,000
1,100
Global Naphtha Prices
US Natural Gasoline West Europe NapthaSoutheast Asia Naptha Notheast Asia Naptha
•Dollars Per Metric Ton
PSCI March 2011
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0250000
270000
290000
310000
330000
350000
370000
390000U.S. Crude Oil Inventories
5-Yr MIN-MAX Range 20092010 2011
Million BarrelsMillion Barrels
•Data Through 11-Feb-11 - Excludes U.S. Strategic Petroleum Reserve
PSCI March 2011
Natural Gas Highlights• The natural gas price forecast anticipates…
Prices will remain relatively stable vs 2010 due to strong supply and rising crude prices
In 2011, LNG imports and production from shale will keep supply healthy and prices low relative to crude oil.
In the medium to long term, supply from shale remain high.
Increasing LNG imports to meet demand growth as needed.
Long term crude to gas ratio is below parity due to healthy natural gas supply
PSCI March 2011
•U.S. "Working Gas" In Underground Storage
•Data Through 24-Jul-09
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Mar
Mar
Mar
Mar
Apr
Apr
Apr
Apr
Apr
May
May
May
May
Jun
Jun
Jun
Jun
Jul
Jul
Jul
Jul
Jul
Aug
Aug
Aug
Aug
Sep
Sep
Sep
Sep
Sep
Oct
Oct
Oct
Oct
Nov
Nov
Nov
Nov
Dec
Dec
Dec
Dec
Dec
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000Weekly Data - Billion Cubic Feet
5-Yr MIN-MAX Range 5 Year Average Range 2009 2010 2011
•Data Through 11-Feb-11
PSCI March 2011
05
Q2
Q3
Q4
06
Q2
Q3
Q4
07
Q2
Q3
Q4
08
Q2
Q3
Q4
09
Q2
Q3
Q4
10
Q2
Q3
Q4
11
Q2
Q3
Q4
12
Q2
Q3
Q4
0
50
100
150
200
250
0
4
8
12
16
20
U.S. Natural Gas Liquids Prices
Natural Gas Ethane Propane N-Butane
Gas Liquids,Cents Per Gallon Natural Gas$/ MMBtu
PSCI March 2011
New Ethane Frac Capacity• The capacities listed in thousand barrels per day of ethane with the total fractionation capacity in
thousand barrels per day in parenthesis.
• 2010: Q2 – Copano – Houston, TX 10 (24)• Q4 – Enterprise Fractionator, Mt. Belvieu, Texas – 30 (60)• 2011: • Q2 – Targa Resources, Mt. Belvieu, Texas – 30 (60)• Q3 – Copano – Houston, TX Expansion 5 (11)• Q3 – MarkWest, Houston, PA – 30 (60) – This project will not affect the ethane balance on the USGC
immediately since no decisions have been finalized on the disposition of the ethane.
• 2012:• 1H 2012 – Gulf Coast Fractionators, Mt. Belvieu, TX – 20 (43)• 2H 2012 – Enterprise, Mt. Belvieu, TX – 30 (65)• 2H 2012 – Targa, Mt. Belvieu, TX - 45 (100)
• 2013:• 1H 2013 – Formosa, Point Comfort, TX – 32 (75)• Others:• Dominion Resources planning to build a unit in West Virginia with a capacity of 15 kbbl/day of ethane (38). The
disposition of the ethane from this plant is not currently known. Could be early 2013.
PSCI March 2011
05 06 07 08 09 10 11 12 13 14 150
50
100
150
200
250
0
1
2
3
4
5
6
7
8
9
10
U.S. Natural Gas Liquids Prices
Natural Gas Ethane Propane N-Butane
•Gas Liquids•Cents Per Gallon
•Natural Gas•$/ MMBtu
PSCI March 2011
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 150
2
4
6
8
10
12
14
16
18
20
0%
20%
40%
60%
80%
100%
120%
Crude (WTI) Natural Gas Gas as % of Crude
$ / MM Btu
New Forecast
Gas as a % of Crude
North America Energy Trend Prices
PSCI March 2011
05 Q2
Q3
Q4
06 Q2
Q3
Q4
07 Q2
Q3
Q4
08 Q2
Q3
Q4
09 Q2
Q3
Q4
10 Q2
Q3
Q4
11 Q2
Q3
Q4
0
10
20
30
40
50
60
0
220
440
660
880
1,100
1,320
Wt. Average Propane Butane Lt. Naphtha Purity Ethane
Dollars Per TonCents Per Pound
U.S. Ethylene Cash Costs
PSCI March 2011
NAM Avg.
WEP Avg.NEA Avg.
SEA Avg.
ISC Avg.
MDE Avg.
50
250
450
650
850
1,050
1,250
1,450
0 20 40 60 80 100 120 140 160
CUMULATIVE ETHYLENE CAPACITY (million tons)
2011 Global Ethylene Cash Costs Dollars Per Metric Ton
Average Feedstock Basis
Heavy Feed
Light Feed
PSCI March 2011
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15-8
-4
0
4
8
12
16
North America Middle East Southeast Asia West Europe
Northeast Asia Others Annual Demand Change
Million Metric Tons
Forecast
Ethylene Capacity & Demand Changes
PSCI March 2011
…So Why Aren’t We Swimming In Middle East Olefin Derivatives?
• Project delays, especially derivative capacity
• Stronger demand than expected, led by China
• Capacity closures in North America and West Europe reduce supply-demand imbalance
PSCI March 2011
Poor Operating Rates
50
60
70
80
90
100
110
120
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15
Middle East Saudi Arabia Iran Kuwait Qatar UAE
% Nameplate Operating Rate, Middle East
Forecast
Historical Average = 92%
PSCI March 2011
Global Ethylene Operating Rates
Forecast
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 201565
75
85
95
105
115
N. America West Europe Middle EastNortheast Asia World
Percent
PSCI March 2011
01
Q2
Q3
Q4
02
Q2
Q3
Q4
03
Q2
Q3
Q4
04
Q2
Q3
Q4
05
Q2
Q3
Q4
06
Q2
Q3
Q4
07
Q2
Q3
Q4
08
Q2
Q3
Q4
09
Q2
Q3
Q4
10
Q2
Q3
Q4
11
Q2
Q3
Q4
12
Q2
Q3
Q4
9
10
11
12
13
14
15
16
17
65%
70%
75%
80%
85%
90%
95%
100%
Total Demand Effective Operating Rate Nameplate Operating Rate
Billion Pounds Operating Rate
Forecast
U.S Ethylene Supply/Demand Outlook
PSCI March 2011
U.S. Ethylene Margins
2008 2009 2010 2011 2012 2013 20140
5
10
15
20
25
0
110
220
331
441
551
U.S. Wtd. Avg Contract Cash Margin
Dollars Per TonCents Per Pound
Forecast
PSCI March 2011
PE: US Current Status• Domestic PE resin demand has been stable• Price increases pending for March (2 – 6) cpp and 5 cpp for April• Global uncertainties around Middle East, Japan, keep
pressure on crude oil prices and provide momentum for higher resin pricing
• Production cash costs rising as ethylene moves higher• Inventories snug for LLDPE and LDPE while HDPE
appears adequate• Export options remain attractive for US producers
utilizing light feedstocks -
PSCI March 2011
PE Demand Year Over Year
U.S./Canada Polyethylene Demand
Percent Change, Year over Year %AAGR %AAGREnd Use 06 07 08 09 10 '05-‘10 ‘10-'15
Film & Sheet -1.0 4.1 -11.4 -0.5 6.2 -1.4 2.7
Injection Molding -1.4 -4.0 -12.0 -4.4 7.5 -4.0 2.6
Pipe & Profile 15.8 -6.7 -8.6 -17.2 19.1 -3.1 3.7
Extrusion Coating -6.9 -2.6 -8.3 -11.0 17.5 -4.9 3.1
Blow Molding 0.3 -2.8 -11.5 -0.8 6.9 -2.0 2.9
Wire & Cable 9.1 -0.3 -3.0 -2.3 4.3 1.4 2.1
Rotomolding 4.9 -5.0 -3.8 -6.0 18.0 -1.2 3.9
Domestic Demand
3.8 -1.0 -12.5 -5.0 8.5 -2.7 2.9
PSCI March 2011
HDPE in 2010
• Domestic resin sales: +6.1%• Export sales: -24.1• Total HDPE resin sales: +1.8
PSCI March 2011
•Source: ACC, Plastics Division; Gov’t Trade Data
HDPE – Injection Molding 2010 Results
HDPE Percent Change
Injection Molding, Total 4.2
Pails -1.5
Housewares 15.5
Tubs and Containers 17.4
Crates and Totes 19.3
Caps and Closures -11.5
PSCI March 2011
HDPE Cost and Price
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 201520
30
40
50
60
70
80
90Cents Per Pound
North America Cash Cost - Integrated North America HDPE Contract Disc.
West Europe HDPE Contract Disc. CFR China HDPE Spot
PSCI March 2011
Regional HDPE Non-Int. Margins
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015-265
-177
-89
-1
87
175
263
-12
-8
-4
0
4
8
12
16
West Europe Southeast Asia North America
351Dollars Per Ton Cents Per Pound
PSCI March 2011
Jan-0
8
Mar
-08
May
-08
Jul-0
8
Sep-0
8
Nov-08
Jan-0
9
Mar
-09
May
-09
Jul-0
9
Sep-0
9
Nov-09
Jan-1
0
Mar
-10
May
-10
Jul-1
0
Sep-1
0
Nov-10
-300
-200
-100
0
100
200
300
400
Asia Europe SAM NAM Other Net Trade
Thousand Metric Tons
Imports
Exports
U.S. Monthly Total PE Trade
PSCI March 2011
U.S. PE Trade Trends
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015-4,000
-3,000
-2,000
-1,000
0
1,000
2,000
3,000
4,000
5,000
6,000
0
5
10
15
20
25
30
35
40
Imports Exports Production as a % of Exports
Million Metric Tons Percent
Forecast
PSCI March 2011
Polyethylene Capacity Changes NAM WEP MDE NEA / SEA / ISC Net
Increase Company kta Company kta Company kta Company kta
1Q-10
Borealis BEL HD (200) Yansab KSA HD 400 Sinopec/SABIC JV CHIHD/LL 600
Borealis SWEHD/LL (90) Sharq KSA HD 400 PTT Chem THA LD 300
SABIC UK LD 400 Qatofin QAT LL 450 Bangkok PE THA HD 250 Panjin Eth. CHI HD 300
Haldia INDHD/LL x 125 2,935
2Q-10
LBI GFR HD 250 Zhenghai Ref. CC CHI LL 450
Borealis SWE LD 350 MOC THA LL 300
SABIC NET LD (120) TPE THA HD 400 CNOOC & Shell CHI LD 75 Indian Oil IND HD 300
Indian Oil INDHD/LL 350 2,355
3Q-10
Borouge UAEHD/LL 600 Baotou Shenhua CHI
HD/LL 300
CNOOC & Shell CHI HD 75 Gail IND LL 50
LG Chem KOS HD 40 1,065
4Q-10
Nova CAN LD x 60Polimeri
Eur. FRA LD 260 Q-Chem II QAT HD 350 Amir Kabir IRN LD 300 970
PSCI March 2011
Polyethylene Capacity Changes MDE NEA / SEA / ISC Net Increase
Company kta Company kta
1Q-11
Kayan SAR HD 400
400
2Q-11 0
3Q-11
ExxonMobil SIN HD/LL 650 ExxonMobil SIN LL 650 1,300
4Q-11
Zhongyuan
Evolue JapanCHIJAP
LLLL
6050 110
MDE NEA / SEA / ISCNet Increase
Company kta Company kta
1Q-12
QAPCO QAT LD 250 Hanwa Chem. KOS LD 30
Llam PC IRN HD 300 Sichuan PC CHI HD/LL 600
Saudi Polymers SAR HD 1100 Qilu PC CHI HD 250 2,530
2Q-12
Fushun PC CHI HD/LL 450
Fushun PC CHI HD 350 800
3Q-12
Honam PC KOS HD 210 210
4Q-12
0
PSCI March 2011
Forecast
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 201570
75
80
85
90
95
World WEP MDE NEA NAM
Global Total PE Operating RatesOperating Rate, Percent
Forecast
PSCI March 2011
Price Differentiation
30
40
50
60
70
80
90
100
661
882
1102
1323
1543
1764
1984
2205
LDPE GP HDPE BM LLDPE C4
(NAM Discounted Prices) Dollars Per Metric Ton
Forecast
Cents Per Pound
PSCI March 2011
38353 38718 39083 39448 39814 40179 40544 40909 41275 41640 420050
10
20
30
40
50
60
0
220
440
660
880
1,100
1,320
Ethylene Margin - Average Acquisition Ethylene Price Minus Ethane Cracking Costs
PE Margin - Contract HDPE Blow Molding Non-Int. Including Discounts
Ethane Margin - Ethane Price Minus Shrinkage & 5.5 cpg Extraction Costs
Cents Per Pound Polyethylene Dollars Per Metric Ton
U.S. Polyethylene Chain Margins
Forecast
PSCI March 2011
PE Take-Aways• Hindsight: Energy shift, start up delays, export options, and
unplanned outages transform would-be trough to record profits for US resin producers
• US producers: sitting on cash – expansions likely• Price: increasingly tied to global naphtha price trends, and
export options• – unplanned outages remain the wildcard• New capacity: in MDE and China will be absorbed – less
dramatic impact on pricing and margins• Export market: remains attractive for US resin producers –
resin imports minimized• Imports: Reduced incentive to import resin and film and bags• Watch out: Too rapid, and too high crude increase could kill
demand and resin prices could fall as in 2008
PSCI March 2011
Propylene Polypropylene
PSCI March 2011
Stm. Crackers
58.1%
FCC Split-ters
31.4%
Dehydro3.4%
Metathesis3.3%
Olefin Cracking
0.3%Gas-to-Olefins0.2%
HS FCC2.6% Others
0.7%
Production 75.5 MMT
World 2010 PG/CG Propylene Supply/Demand
Acrylic Acid4%
Acrylonitrile7%
Cumene4%
Oxo Alc.8%
Polypropylene67%
Propylene Oxide7%
Others2%
Demand 74.6 MMT
PSCI March 2011
86 Q2
Q3
Q4 91 Q
2Q
3Q
4 96 Q2
Q3
Q4 01 Q
2Q
3Q
4 06 Q2
Q3
Q4
0
1
2
3
4
5
6
7
8
9
10
Propylene Production6 Billion Pounds Lost
Co-Product Propylene Refinery Sourced Propylene
Billion Pounds
Lowest production since before 1990
PSCI March 2011
Acrylic Acid6%
Acrylonitrile10%
Cumene1%Isopropanol
1%
2-Ethyl Hexanol2%
Butanols5%
Polypropylene58%
Propylene Oxide11%
Others5%
Domestic Demand = 13.5 Million Metric Tons
North America2010 PG/CG Propylene Demand by End Use
PSCI March 2011
Domestic Demand Still In Doldrums
39083
39114
39142
39173
39203
39234
39264
39295
39326
39356
39387
39417
39448
39479
39508
39539
39569
39600
39630
39661
39692
39722
39753
39783
39814
39845
39873
39904
39934
39965
39995
40026
40057
40087
40118
40148
40179
40210
40238
40269
40299
40330
40360
40391
40422
40452
40483
40513
40544
40575
350
400
450
500
550
600
IM Average
Million Pounds
PSCI March 2011
•Source: ACC, Plastics Division; Gov’t Trade Data
PP 2010 ResultsPolypropylene Percent Change
Injection Molding, Total 2.6
Appliances 19.4
Consumer Products -4.5
Rigid Packaging, Total 1.5
Cups and Containers -15.9
Caps and Closures 13.3
Crates and Totes 16.1
Media Enclosures 12.1
All Other Injection Molding 67.6
PSCI March 2011
North America PP IndustryDemand 2010-2015
2.4 %
Other
Fiber and Filament
Film and Sheet
Blow Molding
Injection Molding
0 500 1,000 1,500 2,000 2,500 3,000 3,500
2015 2010
Total Domestic Demand 2010: 6.9 MMT
Total Domestic Demand 2015: 7.7 MMT
Total Percentage Growth Rate 2010-2015: 2.0 %
Million Metric Tons
2.6%
1.6%
3.0%
2.4%
2.3%
PSCI March 2011
Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-110
500
1,000
1,500
2,000
2,500
3,000
0
15
30
45
60
75
90
ACN Asia PGP NAM
ACN, $/Ton C3, Cents per Pound
Cracker Turn-arounds
Extreme TX Weather + Refinery
Turnarounds + High ACN
Prices
December C3 Produc-tion Issues
+High Cotton
Prices +High ACN
Prices
PGP Price Drivers: Crude, ACN, Supply
PSCI March 2011
Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-120
10
20
30
40
50
60
70
80
90
0
220
440
660
880
1,100
1,320
1,540
1,760
1,980
WE Contract Net Transaction CFR SEA Spot US Contract Net Transaction
Cents Per Pound Dollars Per Metric Ton
Regional Propylene Prices
Forecast
PSCI March 2011
NAM Moving to Top of PP Price Chain
39814
39845
39873
39904
39934
39965
39995
40026
40057
40087
40118
40148
40179
40210
40238
40269
40299
40330
40360
40391
40422
40452
40483
40513
40544
40575
40603
40634
40664
40695
40725
40756
40787
40817
40848
40878
40909
40940
40969
41000
41030
41061
41091
41122
41153
41183
41214
41244
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
NAM PP Disc. Price WEP PP Disc. Price NEA PP Spot NAM PP Spot Export
Dollars Per Metric Ton
Forecast
PSCI March 2011
2009 2010 2011 2012 2013 2014-1,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000PP, Million Metric Tons
North America South AmericaAsia/Pacific West Europe
C. Europe/CISAfrica/Middle East
Forecast
Capacity: How Much is too Much?
2009-2011 17 Million Metric Tons
PSCI March 2011
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015-4
-2
0
2
4
6
8
10
12
14
70
75
80
85
90
95
100
Capacity Increase - Demand Increase Cummulative Delta Caps-Delta DemOperating Rate
PP, Million Metric Tons
Forecast
Operating Rate, Percent
Investment Excess
Demand Drop
Oversupply!+ =
PSCI March 2011
07
FMAMJ JASOND08
FMAMJ JASOND09
FMAMJ JASOND10
FMAMJ JASOND0
20
40
60
80
100
120
140
0
50
100
150
200
250
Total Selected Regions N.America S.America EuropeFar East Other
Regional Exports, Thousand Metric Tons Total Exports, Thousand Metric Tons
U.S. PP Exports
PSCI March 2011Thousand Metric Tons
20102015
-308
-504
-4694927
-399
-2607
709
556
-57
-4891788
-75
-1747
-239
-1350263
Trade Patterns ChangingPolypropylene Trade
PSCI March 2011
PP Summary• Propylene remains scarce – keeping
propylene and PP prices high • Volatility in N. Am here to stay.• PP less competitive• Through propylene capacity investments,
imports, and replacement by other polymers – US PP prices will ultimately align with rest of the world (within five years).
PSCI March 2011
Thank You!
• Presentation Copies• Report Trials ( Global Plastics and
Polymers Report)• Conference – Houston, Chicago
• N. Vafiadis contact info:
281-752 -3206