29 July 2011 21:04 [Source: ICIS news]
HOUSTON (ICIS)--US polyethylene (PE) producer LyondellBasell announced a 6 cent/lb ($132/tonne, €92/tonne) price increase for all grades of PE, effective on 1 September, according to a letter sent to customers on Friday.
The proposed increase is in addition to a 5 cent/lb price increase nominated for 1 August, according to the letter, a copy of which has been obtained by ICIS.
The letter provided no reason for the increase, but market participants have said September is typically the peak season for PE demand, as processors prepare for the upcoming holiday season.
Buyers have expressed scepticism that an August increase would be accepted, but most sources agree prices will rise in September.
US PE prices for July were at 71-74 cents/lb DEL (delivered) for linear low density polyethylene (LLDPE), 80-82 cents/lb DEL for low density polyethylene (LDPE) and 69-71 cents/lb DEL for high density polyethylene (HDPE) blow moulding, for small volume buyers, as assessed by ICIS.
Major North American PE producers include Chevron Phillips Chemical, LyondellBasell, Dow Chemical, ExxonMobil, Westlake, INEOS, Total, Nova Chemicals and Formosa.
($1 = €0.70)
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