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Middle East LLDPE film extends slump on weak China market

June 29/2011

(ICIS) -- Spot prices of linear low density polyethylene (LLDPE) film in the Middle East continued to plunge, taking the cue from the key China market, market players said on Wednesday.
Offers for July LLDPE film cargoes were at USD1.280-1.290/tonne (EUR 896-903/tonne) DEL (delivered) Saudi Arabia and USD 1.320-1.350/tonne DEL Dubai, down USD 100-120/tonne week on week, they said. The GCC offers for July cargoes were about USD 130-150/tonne lower than the prices for June shipments.

Prices have fallen by 13% from the years peak in of USD 1.520-1.560/tonne DEL Dubai in early April, tracking the slide in Chinese prices, according to ICIS data.

Meanwhile, mounting LLDPE inventory of Middle Eastern producers lead them to substantially lower offers to entice buyers, market sources said, adding that procurement by converters is very limited.

Regional converters do not welcome the price slump in LLDPE as it as creates difficulty in cost management. They said they prefer a gradual price decline.

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