Middle East LDPE, LLDPE offers soften amid weak demand
Muhamad Fadhil
30-Sep-2014
DUBAI (ICIS)–Low
density polyethylene (LDPE) and linear low density PE (LLDPE)
offers for October were at least $20/tonne lower in the
Middle East due to weak demand in the region, industry
sources said on Tuesday.
“We received LDPE and LLDPE offers at least $20/tonne lower,” according to a Dubai-based buyer.
Prices for both grades plunged in the wake of weak demand fundamentals globally, particularly in the key China market.
Buyers said they are not keen to purchase new volumes despite the price drop, as they anticipated further declines ahead of the Muslim festival of Eid-ul-Adha.
Suppliers in the Middle East said demand for PE in general is stable and they do not foresee further softening in prices.
Eid-ul-Adha, also called the Feast of Sacrifice, marks the end of the Haj, the annual pilgrimage of Muslims to Mecca in Saudi Arabia.
The holiday is expected to be celebrated on 4 October in most Middle Eastern countries.
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