Import PP, PE prices for June surface in Kenya, Nigeria
In Kenya, an end product manufacturer reported that a major Saudi producer revealed their June prices with rollovers for PE and $60/ton decreases for PP. According to him, the producer’s new prices stand at $1060/ton for homo-PP raffia and injection and at $1290/ton for LDPE, LLDPE and HDPE film, all on a CFR Mombasa, 90 days deferred payment basis. The buyer also received June homo-PP raffia and injection prices from an Indian supplier with $50/ton declines from May at $1050/ton with the same terms.
“Demand remains moderate given the ongoing heavy rains, which are affecting market activities negatively. We hope that buying interest will improve in July when the rainy season ends. Meanwhile, supplies are fine in the country,” he commented.
A second Kenyan converter reported receiving June prices from a Saudi producer with decreases of $40/ton for PP and $20/ton for PE when compared to May at $1060/ton for homo-PP raffia and injection and at $1260/ton for LDPE, LLDPE and HDPE film, all on a CFR Mombasa, Kenya, 90 days basis. The buyer stated, “We were already expecting lower levels for June due to stagnant demand in Kenya. Supplies are in line with the current state of demand. We are now expecting other Middle Eastern suppliers to follow a similar pricing strategy on their June prices.”
Another Kenyan buyer received June prices from a major Saudi producer at $1090/ton for PP raffia and injection, at $1270/ton for HDPE blow moulding and at $1290/ton for HDPE film, all on a CFR Mombasa, 90 days basis. According to him, the producer’s HDPE b/m offer represent a $60/ton drop while their HDPE film level remain stable from May. He said, “Demand for our end products is slow given the rainy season while availability is good.”
Meanwhile, in Nigeria, a converter reported that they received June homo-PP raffia and injection offers from a South African producer at $1150/ton on a CFR Lagos, Nigeria, cash basis. “The local producer ELEME is yet to announce their June prices and we are expecting them to reveal their new offers by the 1st of June. In the import market, demand is slow in the face of the low season as well as ongoing parity issues and difficulties when opening letters of credit at banks,” he opined.
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