Spot PE firms in NW Europe despite easing naphtha

18-Mar-11
Spot values for polyethylene grades in Northwest Europe remained firm this week despite easing naphtha levels, due to tight supply tight for prompt volumes of many grades, as per Platts. Demand for East-bound naphtha has been weak on reduced demand from Japan, while the European market has been showing a balanced long view. European naphtha closed Wednesday at $925/mt CIF NWE, touching a monthly low Tuesday of US$919.25/mt. Japan's refineries and petrochemical crackers have still not returned to normal operational levels- and is believed to be running at 50% capacity. However, European low density polyethylene spot prices remained stable at Eur1,500-1,505/mt FD NWE this week. Supplies were tight with small import volumes available. European linear low density polyethylene remained at Eur1,305-1,310/mt this week, even though sources noted a "sudden tightness" for prompt volumes. European high density polyethylene spot values for injection, blowmolding and uni-modal film stayed strong this week too, closing Wednesday at Eur1,340-1,345/mt, Eur1,310-1,315/mt and Eur1,300-1,305/mt FD NWE, respectively, as supply issues continue to plague local producers.
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