01 August 2013 17:27 [Source: ICIS news]
HOUSTON (ICIS)--Ecopetrol, Colombia’s sole polyethylene (PE) producer, reduced the price of low density PE (LDPE) by 0.5% effective 1 August, local sources said on Thursday.
The reduction applies also to all PE sub-products, as listed in the company’s website.
Ecopetrol only produces LDPE at its 64,800 tonne/year plant located in Barrancabermeja and adjusts its price every month, following international pricing trends and currency fluctuations.
The August adjustment reflects price moves in international markets and also currency fluctuations, which have moderated in the past few weeks.
Bulk LDPE prices for August were set at Colombian pesos (Ps) 3,794/kg ($2,000/tonne, €1,500/tonne) cash price, although cooperatives and other large-volume buyers receive substantial discounts.
The reduction applies only to domestic LDPE production. Imported product is sold at CFR (cost and freight) Cartagena prices plus handling costs.
Demand has been soft in July, but price stability may spur demand from transformers, domestic sources said.
($1 = €0.75, $1 = Ps1,897)
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