African PP, PE markets offer mixed bag for July
July HDPE, LLDPE offers up from June deals in Nigeria
In Nigeria, the biggest polymer market in West Africa, a major Saudi supplier’s new offers for LDPE film and PPH raffia and inj. were $30-70/ton lower as compared to late June levels. At the same time, the major supplier’s HDPE film and LLDPE C4 film offers were both higher by $70/ton from the previously available levels.
Despite expectations of seeing lower deals in early July, prices held ground amid a shifting sentiment in global polyolefin markets that partly resulted from increases in upstream and feedstock costs.
Korean PP, PE heard with increases
At the same time, new offers for Korean-origin materials were heard with increases of $50-90/ton as compared to their Saudi counterparts. Players reported that the Asian materials, which used to provide a more competitive position in the market, were firmer due to high freight rates and feedstock costs.
Nigerian producer announces rollovers
ELEME, Nigeria’s domestic producer, announced rollovers for July. "Some players started booking cargoes and replenishing their stocks but activities are still slower than average," a trader said, pointing at buyers adopting a cautious stance.
Rollovers to decreases in Kenyan markets
In Kenya, the largest economy in East Africa, a major Saudi producer’s new PPH raffia and inj., HDPE film, and LLDPE C4 film offers were unchanged from the late June levels. The major producer’s new LDPE film offers lower by around $80-100/ton as compared to late June.
Buyers were cautious in their procurement, mostly due to dwindling end-product sales in Kenya. The supply availability was also reported to have been comfortable, balanced by an ongoing weakness in activities.
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