Hikes sought for Mid-Eastern PP, PE offers in Egypt for Oct
The Saudi major’s new prices indicate small increases compared to their latest done deal levels in September, with a buyer reporting, “We were not surprised by the announcement as we were waiting for it. The producer will stand firm on their offers and conclude higher deals from last month. However, local demand remains quiet amid cash flow problems.”
A different Saudi producer applied increases of $30/ton on HDPE b/m, PP raffia and inj., $30-40/ton on fibre, $40/ton on HDPE film and $20-30/ton on LDPE film. Accordingly, the producer’s offers stand at $1190-1200/ton for PP raffia and inj., $1210-1220/ton for fibre, $1220-1230/ton for HDPE film and b/m and at $1290-1300/ton for LDPE film, all on CIF Alexandria, 90 days.
A trader offering on behalf of the producer said, “These increases came in line with the global firming trend, but we are yet to see our customers’ respond to our new levels. The overall market sentiment is slow given thin buying appetite.”
A Middle Eastern producer applied rollovers to slight increases on October PE prices. The producer applied $20/ton hikes on HDPE film while maintaining its LDPE and LLDPE c4 film prices at stable levels. The producer is offering at $1270-1300/ton for LDPE film, $1200/ton for HDPE film and at $1190/ton for LLDPE c4 film on CIF Alexandria, 90 days basis.
A producer source noted, “We started to receive inquiries from our customers. Overall demand is good and it is improving further for HDPE film in particular. Our allocations are sufficient to meet the market’s needs.”
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