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US spot offers for some grades of PE emerged 19% below May contract prices

June 28/2011

(ICIS) -- US spot offers for some grades of polyethylene (PE) have emerged 19% below May contract prices, suggesting that falling feedstock costs and pressure from overseas imports will cause PE contracts to settle lower in June, buyers said on Friday.

Prime low density PE (LDPE) was offered in the secondary market at 72-74 cents/lb (USD 1.587-1.631/tonne, EUR 1.111-1.142/tonne) FOB (free on board) Houston for bagged material, while linear low density (LLDPE) butene was offered at 63-65 cents/lb FOB Houston for bagged material.
By comparison, LDPE film was assessed at 89-91 cents/lb DEL (delivered), and LLDPE butene was assessed at 78-81 cents/lb DEL for May contracts, according to ICIS.

Negotiations for June contracts are expected to continue through the end of the month, with some producers continuing to fight decreases, sources said.

Even with the lower prices, the US export market is hampered by prices in Asia that are 15-20 cents/lb lower than in North America, sources said.

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