25 June 2010 14:41 [Source: ICIS news]
“We think it will be down for about 10 days at the moment,” said the source. “The other line is not affected.”
LDPE availability had been tight for many weeks, after permanent closures in the industry in 2009, and prices had risen by more than 30% in 2010. Producers were already targeting higher levels for July.
Both Dow and INEOS were looking for increases of €50/tonne ($62/tonne) for July LDPE.
Current net prices were at €1,280-1,300/tonne FD (free delivered) NWE (northwest Europe).
Buyer reaction to the recently announced hikes was negative.
“They have gone too far. There is no way we will pay another increase. Enough is enough,” said one large buyer.
Many PE players were waiting for the settlement of the July ethylene contract before announcing plans for July.
($1 = €0.81)
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