Competitive Asian PP, PE offers show up in Nigeria
Despite being announced with a steady to slightly lower levels from March following the local producer, ELEME’s downward decision for April, Mid-Eastern PP and PE offers are still above the recently-emerged Asian offers.
This week, Indian homo PP raffia and inj. offers were reported at $1180/ton CFR Lagos on a CFR Lagos, Nigeria, cash basis while South Korean LLDPE c4 film and HDPE film were offered at $1250/ton and $1260/ton, respectively with the same terms. All these Asian offers formed the low end of overall April PP and PE ranges in Nigeria.
Players comment that the emergence of Asian PP and PE offers is in line with the weak sentiment in Asia where buyers’ lower expectations amidst weaker upstream costs weighed down on buying appetite.
Meanwhile, the overall Mid-Eastern and Africa PP and PE offers for April shipments are reported at $1190/ton for raffia and inj., at $1310/ton for LLDPE c4 film, at $1380/ton for LDPE film and at $1260/ton for HDPE film with the same terms.
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