27 August 2009 13:21 [Source: ICIS news]
SINGAPORE (ICIS news)--Middle East offers for polyethylene (PE) and polypropylene (PP) for September loading have risen by $20-30/tonne from August levels on the back of tight supply caused by production issues, market sources said on Thursday.
“Allocations have been reduced quite sharply due to supply constraints, prompting suppliers to raise their price targets,” said a supplier.
However, buyers said they would only purchase enough to cover their immediate requirements, as business would be slow during Ramadan - a holy month for Muslims - which began on 22 August.
“We have no option but to accept the supplier’s offers, as our inventories are low due to low availability in the past few weeks,” said an end user in ?xml:namespace>
A spate of outages and production cuts at PE and PP plants in the
PP offers into the Gulf Cooperation Council (GCC) region for September were hiked this week to $1,170-1,200/tonne delivered (
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