Europe PE producers aim for more hikes in April

22 March 2007 17:46  [Source: ICIS news]

LONDON (ICIS news)--European polyethylene (PE) producers continued to announce they would aim for higher prices for April this week after last week’s settlement of the Q2 ethylene contract at an increase of €35/tonne. 

 

The second quarter ethylene contract was agreed at €890/tonne ($1,185/tonne) FD (free delivered) NWE (northwest Europe).

 

Several producers have made informal announcements of €50/tonne hikes for next month’s PE, including SABIC, Polimeri Europa and INEOS.

 

Dow had already announced a €60/tonne increase earlier in the week.

 

“We need absolutely to recover the monomer increase next month,” said one major PE producer on Thursday.

 

PE availability has been tightening throughout the month and March buyers were under strong pressure to accept €30/tonne hikes next week, when they would settle their retroactive business.

 

($1 = €0.75)

By: Linda Naylor
+44 20 8652 3214

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