02 December 2011 06:28 [Source: ICIS news]
SINGAPORE (ICIS)--Low density polyethylene (LDPE) film import prices in China declined for the second successive week by 1% as producers in the Middle East and Iran reduced their offers to relieve their mounting stock levels, industry sources said on Friday.
High inventories caused a major Middle East LDPE film producer and Iranian makers to slash their offers to draw Chinese traders and converters forward amid weak downstream demand, they added.
With offers decreasing week by week, Chinese traders and converters said they were reluctant to book large quantities and preferred to buy on a need-to basis.
Offers of LDPE film quoted by producers were at $1,380-1,400/tonne (€1,021-1,036/tonne) CFR (cost & freight) China for prompt/December shipments, down by $20-60/tonne from last week.
Traders’ offers of Iranian cargoes for prompt/December cargoes receded by $10/tonne from last week to $1,350/tonne CFR China, LC (letter of credit) 90 days, but this attracted few buyers.
Offers for deep-sea cargoes were down by $20-30/tonne from last week to $1,320-1,330/tonne CFR China for December loading.
On 27 November, the average weekly LDPE film prices were at $1,390/tonne CFR China, $10-20/tonne lower or 1% down from the previous week.
($1 = €0.74)
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