ELEME’s April PP, PE offers down in Nigeria for first time in 8 months

A trader in Nigeria reported that the local producer ELEME issued decreases on its new April PE and PP offers from the previous month for the first time since July 2016. The producer cut its prices by NGN56000-62000/ton ($182-202/ton) for PE and by NGN37000-42000/ton ($120-137/ton) for PP grades from its latest March levels.

Accordingly, ELEME’s new offers are standing at NGN661,000/ton ($2155/ton) for HDPE film and LLDPE film, at NGN658,000/ton ($2145/ton) for HDPE b/m, at NGN659,000/ton ($2148/ton) for HDPE inj., at NGN619,000/ton for ($2018/ton) for PP raffia, at NGN612,000/ton ($1995/ton) for inj. and at NGN647,000-663,000/ton ($2109-2161/ton) for PPBC inj, all on an ex-Port Harcourt, Nigeria, cash excluding 5% VAT basis.

The trader also received new April PP offers from a South African producer at $1180-1190/ton for homo PP grades, down $100/ton from March.

“Supplies are comfortable while demand is poor for homo PP grades due to the off-season for this product. In addition, players are holding their purchases for now as they are anticipating further price falls over the medium term, which is weighing down on demand,” noted the trader.