16 August 2009 12:38 [Source: ICIS news]
LONDON (ICIS news)--Northern African polyethylene prices firmed by $10-20/tonne this week on tight supply, market participants said on Thursday.
“Availability of PE has been tight for weeks and PE consumption has been steady, so it is becoming increasingly difficult to get hold of volumes, which are higher priced as a result,” a buyer said.
Low density PE (LDPE) prices were assessed at $1,270-1,300/tonne (€876-897/tonne), linear low density PE (LLDPE) at $1,240-1,270/tonne and high density PE (HDPE) at $1,250-1,300/tonne, all on a CFR northern Africa basis, up by $10-20/tonne from the previous week to 29 July, according to global chemical market intelligence service ICIS pricing.
Producers expected prices to firm further.
“The rising trend over the past few weeks will probably last for another two, as supply will remain tight and PE prices in Europe and elsewhere are due to increase”, one said.
Buyers and resellers, on the other hand, were anticipating pricing stability.
“Most pre-buying ahead of Ramadan has been done and orders will slow up to 15 August, keeping prices unchanged or even making them sink,” a source said.
($1 = €0.69)
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