18 September 2008 04:32 [Source: ICIS news]
SINGAPORE (ICIS news)--Two South Korean producers have slashed offers of high density polyethylene (HDPE) by $50-60/tonne due to persistent weak demand, company sources said on Thursday.
One of these producers offered blow moulding grade HDPE at $1,500/tonne CFR (cost and freight) China for September shipment, $50/tonne lower from last week.
"But there is no buying interest even after we dropped our price," the producer said.
Another producer had slashed its film grade HDPE offers by $50-60/tonne to $1,500/tonne CFR China for September shipment.
"The market is very weak. Seems like every time you offer a new low price, buyers will counter at even lower levels," the second producer said.
Polymer demand had been weak in China in the recent weeks due to a series of problems, including credit crunch and power shortages.
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