The weak demand has forced prices of plastics down 15 percent since spring.
"The economy has finally forced prices to become realistic."
His comments today prompted traders and investors to sell securities now because another interest rate increase might force prices lower.
And the new competition is forcing prices even lower.
However, supply interruption was enough to force prices in Egypt to astronomical levels.
But whereas greater competition should have forced prices down, it is now dominated by half a dozen major players.
Not enough housing is being built to meet demand, forcing prices up all across the spectrum.
But even Opec has had only limited success in forcing prices up or down.
In the West, consumer resistance would soon have forced prices down.
But others expect demand to pick up within two months, forcing prices above $1.50 a pound.