30 July 2013 10:14 [Source: ICIS news]
SINGAPORE (ICIS)--Spot offers for low density polyethylene (LDPE) in the Gulf Cooperation Council (GCC) region rose by at least $20/tonne (€15/tonne) this week amid tightening supply, traders said on Tuesday.
August LDPE is being offered at $1,490-1,510/tonne CFR (cost and freight) GCC, they said.
July cargoes were priced at $1,460-1,490/tonne CFR GCC, according to ICIS.
“LDPE is tight because big players are supplying more to Asia. Middle East end-users may need to pay more for prompt cargoes. They have little choice,” a Dubai-based trader said.
Middle Eastern producers are selling more spot materials to Asia, where LDPE prices are rising following the unplanned shutdown of a 300,000 tonne/year plant in Thailand, they said.
On 26 July, spot LDPE prices in Asia were assessed at $1,480-1,525/tonne CFR China, up by $20/tonne week on week, ICIS data showed.
The shut plant in Map Ta Phut, Thailand, operated by PTT Global Chemical is expected to be down for more than three months.
($1 = €0.75)
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