Plastic prices skyrocket: Dow Chemical raised the price of polyethylene by 30 cents per pound in April, and will raise it again by 20 cents per pound in May.

The transportation in the Hormuz Strait is obstructed, affecting the global petrochemical industry chain, and the price of naphtha, an important raw material for plastic production, is soaring. In the United States, many plastic packaging suppliers are facing significantly increased production costs and have no choice but to pass the pressure on to downstream customers. Dow Chemical, a US chemical giant, stated that the conflict in the Middle East has affected approximately 50% of global ethylene and polyethylene production capacity, leading to a substantial increase in prices due to supply and demand imbalances. Dow Chemical has announced a price increase for polyethylene in April, with an increase of 30 cents per pound, a rise of about 60%, and plans to further increase the price by 20 cents per pound in May.