Spot Polyethylene prices continued to unravel, with penny losses widely seen this week. There were also occasions of month-end specials for multiple railcars with a larger discount. Producers yielded to the pressure to reduce May contracts in excess of the $.04/lb offered, most have now agreed to lower contracts by $.07/lb. With (spot) Ethylene costs cratering, upstream resin inventories bulging and negative sentiment abounding, it is expected that June contracts will also be marked lower. Processors are looking to wipe away at least the balance of the $.11/lb of increases that were implemented Dec-Mar and perhaps achieve more than just the remaining $.04/lb. Export markets remain weak, falling energy and feedstock costs around the world have market participants de-stocking and those that need resin, purchasing from nearby locations to reduce the price risk during transit. More info on this is available from: Mike Cunningham Quick Pak Inc 4007 North 56th Street Tampa, FL 3361...
