19 April 2007 14:05 [Source: ICIS news]
The exchange’s official linear low density polyethylene (LLDPE) price climbed $15 to $1,200/tonne while PP held at $1,300/tonne. Bid/offer spreads narrowed on PP.
Trading interest had switched from PP to LLDPE on Wednesday with 108 lots of LLDPE and 10 lots of PP trading until 17:00 GMT according to broker reports.
May LLDPE had closed up $20 at $1,285/tonne on Wednesday and May PP up $10 at $1,185/tonne.
A supply-driven cyclical downturn for ethylene between 2009 and 2011 was forecast by Bank of America on Thursday.
INEOS said it did not expect the bottom of the cycle for some time with little disturbance in the PP market from new lower-cost capacity until 2010. Parts of the PP market will commoditise giving this as one reason why it will close its 200,000tonne/year PP1 unit at ?xml:namespace>
Dow Chemical and 1205
Date: Contract: 19 April 2007 LLDPE PP LME reference price 1200 1300 Forward prices: Bid Offer Bid Offer May 2007 1170 1200 1280 1300 June 2007 1185 1205 1280 1300 July 2007 1185 1280 1300
Prices shown are per tonne on a FOT (free on truck) basis delivered Rotterdam/Antwerp,
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections