26 August 2009 23:59 [Source: ICIS news]
LONDON (ICIS news)--Polyethylene (PE) prices have strengthened this week due to tight supply and import pressure in both northern and southern Africa, market participants said on Wednesday.
According to global chemical market intelligence service ICIS pricing, low density PE (LDPE) prices were assessed at $1,290-1,310/tonne (€903-917/tonne) CFR northern ?xml:namespace>
Linear low density PE (LLDPE) was assessed at $1,260-1,280/tonne CFR, while high density PE (HDPE) was at $1,280-1,300/tonne CFR, up by $10-30/tonne from last week, according to ICIS pricing.
“The increases are a result of continuing tight supply of PE in the region,” said a buyer and a seller.
LDPE was assessed at $1,330-1,380/tonne, LLDPE at $1,260-1,340/tonne and HDPE prices at $1,300-1,320/tonne, all on a CFR (cost and freight) southern
“This is as a result of reduced availability and pressure from Middle Eastern suppliers to push up export values,” a source said.
Domestic South African PE prices rose by Rand (R) 100-200 ($13-26/tonne) this week.
LDPE prices were assessed at R11,600-12,700/tonne, LLDPE at R11,400-12,700/tonne and HDPE at R11,900-12,500/tonne.
All prices were on a FD South Africa basis.
“This is a consequence of the ongoing ethylene shortage and higher priced imports coming in,” a trader said.
($1 = €0.70/$1=R7.80)
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