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Polyethylene activity dominated the spot resin market during the holiday shortened week, buyers continued to seek special deals while suppliers with pounds to sell were happy to pad their November totals. Our trading team posted solid volumes for the month, only October was better this year. Completed volumes for PE were considerably above our usual levels, and for the second straight week, the majority of business was concluded into the export market, though some domestic buyers also secured prime and offgrade lots. Spot prices were steady for the week and the tone was more upbeat, some buyers initially pressed for lower prices, only later to return to find that existing offers had already sold, leaving demand unsatisfied into the holiday weekend. Business was skewed towards LLDPE, spread over Film and Injection grades, besting the totals for LDPE and HDPE combined. Producers pushed hard to clear out some of their bulging inventory during Nov and we will likely see more material purged during the first part of Dec too, but to a lesser degree. The continued upstream inventory sell-off facilitated our heightened volume of spot trade. It will be interesting to see if resin reactor operating rates were reduced in Nov to complement the strong upstream sales effort. In the meantime, current contracts have yet to settle and despite general market weakness and plentiful material availability during November, which could easily justify additional relief after the October 3-cent decrease, we expect Polyethylene producers to manage a rollover of contract prices for the month.
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