Halted import activities support ELEME’s hand in Nigeria
The trader reported that a Saudi producer maintained its September PE offers at $1240/ton for HDPE film, $1260/ton for LLDPEc4 film and at $1290/ton for LDPE film, all on a CFR Lagos, cash basis. He also added that they received September PP offers from an Indian supplier with declines of $20-30/ton from August at $1040/ton for homo PP raffia and injection with the same terms.
However, the local producer ELEME revised up its September PP and PE offers for the second half of the month after issuing their initial offers for the month with increases from August.
“Import business is still hampered by the exchange rate fluctuations as players prefer to meet their needs from the local market. The local producer ELEME is making use of this situation and has been raising its offers dramatically throughout the previous months. The producer has implemented significant hikes on their prices since the beginning of this year,” commented the trader.
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