A major Saudi producer issues February PP, PE prices to Egypt
The producer’s new PE prices indicate $60-80/ton decreases when compared with their most recent January offers, which were revised down more than twice during the past month, according to players’ reports. Now, the producer’s new HDPE film, blow moulding and LLDPE c4 film offers stand at $1220/ton on CIF Alexandria, 90 days deferred payment basis while their HDPE injection and LDPE film prices are at $1240/ton with the same terms.
For PP, the producer offers PP raffia and injection at $1170/ton, PP film and fibre at $1200/ton, PP block copolymer by $1160-1180/ton and PP random copolymer injection at $1350/ton. Their new PP prices represent $50-240/ton decreases with respect to the most recent prices reported for these grades for January.
“We were expecting some softening, but we were not expecting decreases of this size. However, despite their decreases, the Saudi producer’s prices are still considered to be high as there are other Middle Eastern prices still being offered in the market for January transactions. Due to this situation, we believe that further reductions are likely from the producer as the month proceeds because other Middle Eastern producers will follow this producer’s lead and will announce significantly lower prices. Taking these factors into account, we prefer to wait before making any fresh purchases,” commented the buyer.
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