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US Nov, Dec PE hikes strengthen on upstream outages

November 05/2010

(ICIS) -- US polyethylene (PE) contract initiatives for a 4 cent/lb hike in November and a 5 cent/lb increase in December have gained momentum after a supply-driven surge in the feedstock ethylene spot market, buyers said on Thursday.


Producers sought a 4 cent/lb ($88/tonne, ?62/tonne) increase in October and have announced another 5 cent/lb increase for 1 December. Other buyers echoed the sentiment that the 4 cent/lb increase was a done deal for November contract pricing.


With spot ethylene prices rising fast, buyers expressed growing concern that the 5 cent/lb December initiative could also hold.


US domestic prices for linear-low-density PE (LLDPE) butene film were 64-67 cents/lb DEL (delivered) as assessed by ICIS.


Major North American PE producers include Chevron Phillips Chemical, LyondellBasell, Dow Chemical, ExxonMobil, Westlake, INEOS, Total, NOVA Chemicals and Formosa.


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