08 January 2014 16:46 [Source: ICIS news]
LONDON (ICIS)--A combination of high import prices for polyethylene (PE) and a further weakening of the South African rand (R) is “diabolical” for the South African market, according to a trader on Wednesday.
“I’m aware of Middle Eastern producers pushing prices up,” the source said. “$50/tonne [R533/tonne] in some cases. This combined with the rand is diabolical.”
The trader added that the rand devalued another 3.5% against the dollar during the holiday season.
“Record high market prices are already here, and now things will increase even further,” the source said.
Another distributor said: “The exchange rate has weakened further. This of course makes it very difficult for importers to get new orders, as customers will rather wait to see if the exchange rate improves, since they do not have strong demand for their products at the moment anyway.”
($1 = R10.66)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections