Import and local PP, PE markets in Nigeria sustain price hikes in February

Offers from the country’s local supplier, ELEME, were reported with increases for the seventh month in a row. PE prices were reported higher by NGN230,000-232,800/ton ($184-187/ton), while PP prices gained NGN229,400-244,000/ton ($183-195/ton) when compared to January levels.

Prices are currently standing at NGN1,790,000/ton ($1881/ton) for LLDPE, NGN1,792,000/ton ($1883/ton) for HDPE film, NGN1,792,000/ton ($1883/ton) for HDPE inj., NGN1,807,000/ton ($1899/ton) for HDPE b/m, NGN1,854,000-1,929,000/ton ($1948-2027/ton) for PPBC, NGN1,817,500/ton ($1910/ton) for PPH raffia, NGN1,792,000-1,855,000/ton ($1883-1949/ton) for PPH inj., all on ex Port Harcourt city, cash basis.

In the import market, PP prices increased by $100/ton after tracking a steady path in January. Meanwhile, PE offers were steady to $100/ton when compared to January levels.

Local sources noted that the new offers came in line with their expectations following higher feedstocks costs and limited availability. On the other hand, trading activity across the market remains below average.

February offers were at $1090-1110/ton ($1199-1221/ton inc duties) for LDPE, $1040-1060/ton ($1144-1166/ton inc duties) for LLDPE, $1130-1150/ton ($1243-1265/ton inc duties) for HDPE film, $1180-1200/ton ($1298-1320/ton) for HDPE b/m and inj., $1140-1150/ton ($1254-1364/ton inc duties) for PPBC, $1230-1240/ton ($1353-1364 inc duties) for PPRC, $1110-1130/ton ($1221-1243/ton inc duties) for PPH raffia and inj., $1140-1160/ton ($1254-1276/ton inc duties) for PPH film and fibre., all on a CFR Nigeria, cash, subject to 10% customs duty basis.