In April, the about-turn in the factors responsible for price movements in the global oil and downstream markets did not go unnoticed by European PE buyers. Whereas most grades were still under upward pressure at the beginning of the month, the picture changed significantly over the Easter holidays.
The turnaround also meant that buyers’ restraint grew significantly in the second half of the month, as they purchased only what they absolutely needed. With low-pressure grades in particular, this has already led to small initial price cuts, while LD producers managed to hang on to a rollover until the end of the month.
Despite the renewed rollover in the ethylene reference price the signs for May were pointing down.