MOSCOW (MRC) -- European producers were forced to reduce significanlty polyethylene (PE) prices, following a major fall in ethylene prices. January prices of pipe grade high density polyethylene (HDPE) dropped by EUR90-100/tonne for the CIS countries, according to ICIS-MRC Price report.

 

Negotiations over January prices of European pipe grade HDPE for the CIS markets were virtually over this week. Most market participants reported they had managed to reduce prices of European polymer by EUR100/tonne from December 2014.

 

Deals over coloired PE 100 were done in the range of EUR1,070-1,160/tonne FCA. Deals for coloured PE 80 were negotiated in the range of EUR1,050-1,140/tonne FCA.

 

The record weakening of the euro against the dollar over the last nine years only enhances the effect of the January fall in European producers" export prices. The cross rate of the euro against the dollar had reached 1.164 by mid-January.