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Egyptian buyer purchases Mid-Eastern PP below $1400 threshold

by ChemOrbis Editorial Team -
  • 05/12/2014 (16:45)
In Egypt, Middle Eastern producers started to reveal their new December prices with decreases, in line with previous expectations based on the lower upstream costs and globally weak demand.

Although prices were revealed with up to $70/ton decreases from the producers’ late November levels, general offer levels were still standing above $1400/ton on CIF, 90 days basis throughout most of the week.

Coming to the end of the week, a raffia converter reported concluding some Middle Eastern PP raffia deals with irregular Middle Eastern suppliers below the $1400/ton threshold. The buyer was offered Middle Eastern PP raffia at $1390-1435/ton on CIF, 90 days basis from different regional producers and concluded a deal at $1380/ton with the same terms.

“All producers were open to negotiations and we believe that there is still room for further decreases as the month proceeds. Given the lower energy complex and the weak polymer market conditions, sellers offering at the high end of the ranges will have to concede to lower prices, too,” commented the buyer.
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