Emirati trader: Weak demand casts a shadow on June outlook
“The local producer has very limited PE availability as we heard that they have been facing a technical issue at their plant. However, the tightness is not felt that much in the market given the buyers’ restricted purchases on the back of their slow end product businesses. Meanwhile, a major Saudi Arabian producer came down from their initial May HDPE film offers by $40/ton, from $1520/ton to $1480/ton on CIF, 90 days basis given the weak buying interest. Regarding June, we do not think that prices will increase as the market is not likely to bear it,” he further added.
The trader was offered import Middle Eastern LLDPE c4 film at $1400/ton, HDPE film at $1460-1520/ton, LDPE film at $1460/ton, PP raffia and injection at $1400/ton on CIF Dubai, United Arab Emirates, 90 days deferred payment basis.
The trader was also offered local Emirati cargoes at $1320-1350/ton for PP raffia and injection and at $1360/ton for HDPE film on ex-Dubai, United Arab Emirates, cash basis.
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