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PE buyers in Europe are in no hurry to settle prices for August

August 08/2011

(ICIS) -- Polyethylene (PE) buyers in Europe are in no hurry to settle prices for August as upstream volatility continues to affect crude oil pricing and demand remains soft, in spite of bullish talk from producers that are targeting price increases, several said on Monday.

Food packaging, which has so far weathered the storm of poor demand, is beginning to be affected. UK-based Premier Foods reported an unprecedented slump in half-year profits earlier this month, blaming a combination of reduced consumer spending and significant raw-material inflation. The southern European buyer of PE for food packaging said that most of its manufacturing was for distribution within Europe as a whole, and that all regions had shown a drop in demand.
Another buyer told the same story.

Some PE producers in Europe made public price-hike announcements, with Dow looking for an increase of EUR 100/tonne (USD 143/tonne) in August. Others talked of plus EUR 50/tonne.

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