23 May 2007 23:57 [Source: ICIS news]
HOUSTON (ICIS news)--The price of low density polyethylene (LDPE) in Colombia was lowered by about 2.7%, effective on 23 May, a source with local producer Ecopetrol said on Wednesday.
The drop was in accordance to a formula that accounted for variations in benchmark markets like the US Gulf or Asia.
The formula also adjusts prices in Colombia to compensate for currency fluctuations. One US dollar was equivalent to 1,955 Colombian pesos (Ps).
Domestic LDPE material in bags was quoted at Ps3,674/kg for cash transactions, equivalent to $1,780/tonne (€1,317/tonne). Bulk material was listed at Ps3519/kg, equivalent to $1,705/tonne.
Production of LDPE was normal in Colombia after months of problems with one of two production lines, the source said.
Ecopetrol was rebuilding inventories and preparing for a programmed maintenance stop of both lines in July.($1 = €0.74).
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