Formosa Plastics Announces Temporary Halt in Texas Polypropylene Supply

US polymers and petrochemicals producer Formosa Plastics Corp. has announced force majeure on its Formolene Polypropylene products from its Point Comfort, Texas, petrochemical complex with effect from 8th August 2020. The production halt was announced after the US Polypropylene industry witnessed an increase up to 6 cents on the Polypropylene prices due to soaring feedstock values. While the company officials are still evaluating the impact of the outage on the PP demand and supply in the region, industrialists are expecting the prices to trace new heights in the coming weeks amid supply tightness and limited export orders.