03 August 2011 11:05 [Source: ICIS news]
SHANGHAI (ICIS)--China’s domestic linear low density polyethylene (LLDPE) prices fell by yuan (CNY) 50/tonne ($8/tonne) on Wednesday as local distributors reduced their prices to take profits, local distributors said.
Locally produced LLDPE was selling at CNY11,000-11,450/tonne EXWH (ex-warehouse) on Wednesday, CNY50/tonne lower from Tuesday.
Most local distributors decided to off load their cargoes at lower prices as a persistent price uptrend in July had already widened their margins considerably, the distributors said.
The average selling price of locally produced LLDPE was at CNY11,262/tonne EXWH on 31 July, which was CNY1,075/tonne or 10.5% higher from 1 July, according to Chemease, an ICIS service in China.
Some local distributors said they believed it was time to take profits because trade had slowed down after the recent price increases.
July’s price increases were mainly driven by a general expectation that planned maintenance at a number of local plants will tighten local supply, industry sources said.
($1 = CNY6.44)
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