03 April 2013 21:03 [Source: ICIS news]
HOUSTON (ICIS)--Ecopetrol, Colombia’s sole polyethylene (PE) producer, reduced the price of low density PE (LDPE) for April by 0.7%, a company source said on Wednesday.
Ecopetrol only produces LDPE at its 64,800 tonne/year plant located in Barrancabermeja and adjust its price every month, following international pricing trends and currency fluctuations.
April’s reduction reflects changes in international markets, where prices have slipped in recent weeks, particularly with aggressive offers from Asia and Middle East producers.
The Colombian currency has been strong lately relative to the US dollar, and fluctuations have been minimal.
Bulk LDPE prices for January were set at Colombian pesos (Ps) 3,683/kg, ($2,025/tonne, €1,579/tonne) cash price, although large-volume buyers and cooperatives receive substantial discounts.
Ecopetrol imports grades not produced by the country, thus competing with domestic importers of plastic resins.
Production at the LDPE units has been normal for nearly two months after the completion of maintenance work, the source said.
($1 = Ps1,819, $1 = €0.78)
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