Another Mid-Eastern producer cuts Jan prices to Egypt
For January, the producer cut their PP raffia and injection offers by $150/ton to $1270/ton on CIF Alexandria, 90 days deferred payment basis. Meanwhile, their HDPE film, blow moulding and injection offers are down $130/ton from their latest December levels at $1300/ton with the same terms. The producer also offers LLDPE film with $155/ton decreases at $1275/ton and LDPE film with rather smaller decreases of $40/ton at $1350/ton.
A distributor who received the new January offers from the producer reported, “We were expecting such decreases from the producer when considering the hefty drops from a major Saudi Arabian producer, who is expected to make some additional downward revisions on their prices in the days ahead as their prices are still forming the high end of the market. Meanwhile, local market transactions are slow given the relentless decreases witnessed in the import market. Considering this situation, further declines are expected in both local and import markets amidst weak demand.”
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