29 March 2009 19:26 [Source: ICIS news]
HOUSTON (ICIS news)--US polyolefins restocking helped drive a modest market recovery in the first quarter of 2009, but the sustainability of the recent price gains was in doubt as participants gathered in Texas on Sunday for the annual International Petrochemical Conference (IPC).
High density PE (HDPE) blow moulding grade was at 46-50 cents/lb
PE buyers said they expected to see some erosion of the 7 cent/lb price increase in April, and a few sources said prices had already dropped slightly.
Buyers said increased feedstock supply would be the main driver of the expected PE price downturn.
Domestic PE demand slackened somewhat in March after restocking activity dwindled, but exports, especially to
A seller said he expected to see healthy export levels through May. A major concern was whether the Asian markets would remain as strong in June and beyond with significant new capacity scheduled online in the
Polypropylene (PP) prices closely tracked the monomer contract during the first quarter, rising by a total of 9 cents/lb.
However, PP buyers were reluctant to purchase any more than immediate requirements at the end of March as monomer prices were expected to drop in April.
($1 = €0.75)
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