European linear low density polyethylene C4 prices held steady this week, supported by bullish sentiment in the Middle East, sources said.
While European LDPE and high density PE spot prices fell on lower risk appetite in the European PE market, the import driven LLDPE C4 market retained relative strength.
"There are no special offers or deals, or even near prime material available," a seller said.
Offers were heard in a range of Eur1,320-1,350/mt FD NWE. Prices were assessed marginally lower as, despite tight supplies, Europe converters stepped out of the market. LLDPE C4 spot prices were assessed at Eur1,325-1,330/mt FD NWE, down Eur5/mt on the week.
But Middle East and Asian LLDPE C4 prices rallied further this week, stemming the price fall in the European market.
The CFR Far East Asia and CFR South Asia markers rose $17/mt and $5/mt, respectively, to $1,460/mt Wednesday. Meanwhile, the actively traded May LLDPE futures on the Dalian Commodity Exchange rose Yuan 250/mt week-on-week to Yuan 11,020/mt ($1,771/mt) Wednesday.
Middle Eastern producers announced higher offers for February shipment on planned maintenance in the regions. Offers from Middle East producers for February were heard at Eur1,350/mt FD for Europe.
In Turkey, sources said the presence of Iranian product eased the supply tightness that was present in Europe. Iranian offers were heard at $1,550-1,580/mt CFR, subject to 3% duty.
In the contract market, LLDPE C4 prices ended the month at Eur1,440/mt FD NWE, gaining Eur70/mt on the month. LLDPE C4 was the best performing PE grade, sources said.
"LLDPE C4 saw the most improvement in prices this month, compared to LDPE and HDPE, where increases have ranged at Eur40-50/mt," a producer said.
