06 January 2009 20:05 [Source: ICIS news]
HOUSTON (ICIS news)--Colombia’s Ecopetrol has reduced prices for low density polyethylene (LDPE) by a minimum of 3.2% and as much as 3.5% depending on the grade, the producer said on Tuesday.
The new prices were effective immediately. This was the second price reduction of 2009, as prices were slashed by an average of 4.1% on 1 January.
Bagged LDPE material at the plant’s warehouse was reduced by 3.2% to Colombian pesos (Ps) 2,944/kg ($1,323/tonne, €979/tonne) while bulk material was discounted by 3.5% to Ps2,714/kg.
The reduction was intended to match falling prices in the US Gulf in order to keep the Colombian production of LDPE competitive. It also addresses currency fluctuations.
With the latest price decline, Ecopetrol so far has lowered LDPE prices by nearly 7.5% in January.
($1 = Ps2,224.5 = €0.74)
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