19 May 2008 17:32 [Source: ICIS news]
LONDON (ICIS news)--INEOS Polyolefins has started up both its polyethylene (PE) and polypropylene (PP) plants at Grangemouth in the UK and is ramping them up to full production, a company source said on Monday.
“Obviously force majeure is still in place,” the source said. "We will need several weeks to complete the full production cycle."
The company’s 320,000 tonne/year linear low density PE (LLLDPE)/high density PE (HDPE) plant and its 285,000 tonne/year PP plant were brought down ahead of a two-day strike at the Grangemouth refinery site on 21 April, and force majeure was declared.
LLDPE prices were firm in Europe, unlike some other PE grades, and butene LLDPE spot prices were trading at a minimum of €1,200/tonne ($1,875/tonne) FD (free delivered) NWE (northwest Europe).
Other grades were still faced some downward pressure on muted local demand.
PP was weaker, but INEOS’ two forces majeure - the other is on PP from Geel in Belgium, in place since 8 May - plus a subsequent force majeure called by SABIC last week after its ?xml:namespace>
Propylene was weak and many PP buyers in
One ray of hope for producers came last week in the double form of a slightly firmer dollar and higher prices in
PP producers in
($1 = €0.64)
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