Bearish trend persists in Nigeria’s import, local PP, PE markets

May offers from the country’s local producer, ELEME, continue to decrease for the second consecutive month.

Local sources have voiced their concerns given the recent depreciation of the Naira, worrying that offers from the producer might rebound again. According to media sources, the Naira has recently depreciated by 12% shedding all the gains it made against the US dollar in early April.

PE offers were down by NGN194,700-195,000/ton ($139-140/ton) and PP down by NGN173,500-175,000/ton ($124-125/ton) at NGN1,730,000/ton ($1497/ton) for LLDPE and HDPE film, NGN1,743,600/ton ($1509/ton) for HDPE b/m and inj, NGN1,775,000-1,842,800/ton ($1536-1595/ton) for PPBC, NGN1,770,300/ton ($1532/ton) for PPH raffia and NGN1,750,000-1,817,800/ton ($1515-1573/ton) for PPH inj., all on ex Port Harcourt city, cash basis.

In the import market, May PE offers were softer by $20-40/ton at $1120-1140/ton ($1232-1254/ton inc. duties) for LDPE, $1030-1050/ton ($1133-1155 inc. duties) for LLDPE, $1060-1100/ton ($1166-1210/ton inc. duties) for HDPE film, $1110-1130/ton ($1221-1243/ton inc. duties) for HDPE b/m and inj.

Meanwhile, PP prices remained unchanged when compared to initial April prices at $1120-1130/ton ($1232-1243/ton inc duties) for PPBC, $1210-1220/ton ($1331-1342/ton inc. duties) for PPRC, $1090-1110/ton ($1199-1221/ton inc. duties) for PPH raffia and inj., $1120-1140/ton ($1232-1254/ton inc. duties) for PPH film and fibre., all on a CFR Nigeria, cash, subject to 10% customs duty basis.