Low density polyethylene spot prices have fallen to their lowest level since May, with tightness in supply easing and many traders already on holiday, sources said this week.
LDPE prices were assessed Monday at Eur1,550/mt, compared with Eur1,525/mt at the beginning of May.
One trader said the market was quiet, with many participants in Northwest Europe already in holiday and scant buying or selling going on.
Another trader said Monday that market participants were buying hand to mouth on bearish price expectations.
This bearish mood followed Total’s move to lift force majeure on low density polyethylene production from its 60,000 mt/year Carling, France, site.
“Our feedstock supplier in Naphtachimie is planning to restart next week… after the necessary repair works,” the company said in a letter dated Thursday and seen by Platts.
Total had declared force majeure on LDPE supplies from Carling due to an extension of repair works at the Naphtachimie cracker at Lavera following a fire May 17. Naphtachimie is a joint venture between Total and Ineos.
– Platts.com
