NWE LLDPE C4 prices hold steady on bullish Middle East sentiment
London (Platts)--31Jan2013/805 am EST/1305 GMT
European linear low density polyethylene C4 prices held steady this
week, supported by bullish sentiment in the Middle East, sources said.
While European LDPE and high density PE spot prices fell on lower risk
appetite in the European PE market, the import driven LLDPE C4 market
retained relative strength.
"There are no special offers or deals, or even near prime material
available," a seller said.
Offers were heard in a range of Eur1,320-1,350/mt FD NWE. Prices were
assessed marginally lower as, despite tight supplies, Europe converters
stepped out of the market. LLDPE C4 spot prices were assessed at
Eur1,325-1,330/mt FD NWE, down Eur5/mt on the week.
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But Middle East and Asian LLDPE C4 prices rallied further this week,
stemming the price fall in the European market.
The CFR Far East Asia and CFR South Asia markers rose $17/mt and $5/mt,
respectively, to $1,460/mt Wednesday. Meanwhile, the actively traded May
LLDPE futures on the Dalian Commodity Exchange rose Yuan 250/mt week-on-week
to Yuan 11,020/mt ($1,771/mt) Wednesday.
Middle Eastern producers announced higher offers for February shipment
on planned maintenance in the regions. Offers from Middle East producers
for February were heard at Eur1,350/mt FD for Europe.
In Turkey, sources said the presence of Iranian product eased the
supply tightness that was present in Europe. Iranian offers were heard at
$1,550-1,580/mt CFR, subject to 3% duty.
In the contract market, LLDPE C4 prices ended the month at
Eur1,440/mt FD NWE, gaining Eur70/mt on the month. LLDPE C4 was the best
performing PE grade, sources said.
"LLDPE C4 saw the most improvement in prices this month, compared to
LDPE and HDPE, where increases have ranged at Eur40-50/mt," a producer said.
--Nandita Lal, email@example.com
--Edited by Jeremy Lovell, firstname.lastname@example.org