Bearish trend pervades Mid-East and African PE markets in 2018
Saudi Arabia’s local market falling for 8 months
In Saudi Arabia, a major producer has revealed its monthly PE offers to its domestic market with decreases since May. Accordingly, December was the 8th consecutive month the downward trend extended its losing streak.
Import PE prices in Mid-East lose 16-18% since March; LDPE, LLDPE at their lowest
Across the Middle East, a similar picture has been in place in terms of import offers to United Arab Emirates, Lebanon and Jordan. ChemOrbis Price Index suggests a cumulative decrease of 16% for HDPE on CIF Middle East basis since March, when prices hit their highest levels of the last three years.
The CIF Middle East based prices for LDPE and LLDPE have also witnessed a total decrease of 16-18% in the last 9 months, with the weekly average currently standing at its lowest level since ChemOrbis started taking records in 2014.
Import PE offers in Egypt on a decline in the last 3 quarters
ChemOrbis Price Index also reveals that import PE prices have been steadily weakening since April in Egypt. The cumulative loss has been the largest in the LDPE market at 19% and then in the LLDPE market at 12% as the weekly averages currently represent the lowest levels since ChemOrbis began indexing in 2012. The downturn in the HDPE market has been somewhat limited at 7% in the same timeframe.
Import LDPE, LLDPE hit lowest levels in North Africa
Across Libya, Tunisia, Algeria and Morocco, import prices have been steadily losing ground as well. The overall loss has reached 17% since May for LDPE and LLDPE, with current prices indicating the lowest levels seen 2014, according to the weekly average of ChemOrbis Price Index.
PE offers from Nigeria’s ELEME hit new lows
Likewise, overall import PE prices in Kenya and Nigeria have fallen by 16-17% in the last three quarters. Local LLDPE and HDPE prices of Nigerian ELEME have also reached their lowest levels recently since 2014.
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