02 August 2011 10:52 [Source: ICIS news]
SINGAPORE (ICIS)--August spot prices of linear low density polyethylene (LLDPE) in the Middle East have settled $40-60/tonne (€28-42/tonne) higher than July fixtures, boosted by improved market sentiment and firmer Asian markets, industry sources said on Tuesday.
On 2 August, Middle East LLDPE film was sealed at $1,380-1,400/tonne DEL (delivered) United Arab Emirates (UAE) and $1,320-1,340/tonne DEL Saudi Arabia, local traders and producers said.
LLDPE film prices in the Gulf Cooperation Council (GCC) and East Mediterranean (East Med) increased by 3.2-4.6% in July.
Converters were more willing to accept higher offers announced by GCC-based producers as they are aware that prices have finally bottomed out since prices started to decline in April.
Also, tighter GCC supply because of an unscheduled shutdown and poor operating rates on gas and water shortages have boosted buying ideas, they added.
Some Oman traders said they were able to sell cargoes of less than 100 tonnes at $1,450/tonne DEL.
($1 = €0.70)
Please visit the complete ICIS plants and projects database
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections