The LDPE spot market was tight with no offers heard. The domestic market was expected to shoot over 80 cents/lb delivered once producers 5 cents/lb price hike is instituted. The increase for other PE grades was still a question mark but for LDPE, the market was so tight that the increase appeared to be a sure thing. Producers also had support for another 4 cents/lb increase in October. “Producers can keep increasing the price until we start importing,” a buyer commented. Even imports would be difficult at this point as the only spot material heard available was from Iran and US sanctions would kill that trade.
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