Brazil's petrochemical producer Braskem is eyeing its domestic prices for polyethylene and polypropylene amid the drop in the country's currency against the US dollar since Tuesday's US presidential election, a source with knowledge of business operations said Friday.
The Brazilian real has weakened by 22.28 points since Tuesday to 3.3965, or 7%, against the US dollar, according to S&P Global Platts data.
The fall against the dollar marked its biggest weakening since Platts began publishing it in July 2013.
"We are waiting to see the impacts of the recent devaluation of the real against the dollar," the source said, adding that pricing would remain stable for next week.
Braskem decreased prices for polyethylene sold in the domestic market by Real 90/mt ($28/mt) for LDPE and Real 136/mt for LLDPE and HDPE earlier this week.
The price decrease came amid competitively priced imports from the US, which includes sellers trying to move high volumes at the end of the year, sources said.
Platts assessed Domestic LDPE up $10 week on week to $1,706.50/mt delivered Sao Paulo basis on Wednesday; LLDPE butene at $1,613/mt, up $102; and HDPE blowmolding at $1,582/mt, up $81.
