According to the assessment of Platts, a subsidiary of S&P Global, the spot price of homopolymer PP resin in Northwest Europe averaged 1,222 euros (ton price, the same below) in the week as of February 14, an increase of 30 euros from the previous week and an increase of 30 euros from the previous week. It has increased by 204 euros since the week of March 10, an increase of 20%. The average price of copolymer PP resin is 1,310 euros, an increase of 40 euros from last week, and an increase of 225 euros since the beginning of January, an increase of 21%. Market participants pointed out that part of the reason for this phenomenon is the rise in raw material costs, but the main reason is the Red Sea attack, which caused restrictions on logistics through the Suez Canal, reducing the import supply across the European continent and prompting downstream buyers to turn back to purchase local supplies, and push up the spot price of PP.

In addition, Total Energy announced an extension of force majeure on its European PP supply, and its Feluy plant in Belgium and Gonfreville, France, continued to be shut down due to "technical problems".

According to data from S&P Global, the nameplate capacity of the PP plant in Confreville, France, is 209,000 tons/year. On July 25, 2023, its 750,000 tons/year Feluy plant in Belgium announced for the first time that the European PP resin supply had encountered force majeure due to technical problems, and it has not recovered yet. This further exacerbates the tight supply of PP in Europe. In addition, in the first half of 2024, Austrian petrochemical producer Borealis plans to shut down its PP unit in Bellingen, Belgium, for maintenance in the second quarter, which will also affect European PP supply. Based on this, S&P Global believes that the European PP spot market will remain tight in the first half of the year. However, distributors said that supply constraints caused by shutdowns for maintenance will mainly affect the PP spot market, and Total Energy's force majeure is not a big problem because its scope of impact is limited.