Initial Dec PE, PP offers surface in Egypt

A plastic end product manufacturer operating in Egypt reported receiving December PP and PE offers from a major Saudi producer with rollovers from November for another month.

“The producer rolled over their prices for a sixth consecutive month while the producer’s new price announcement came against our expectations as we were expecting the producer to issue some decreases on their December offers given the year-end period and the upcoming Christmas holidays. We will wait to hear other Middle Eastern producers’ December offers before making any fresh purchases,” reported the source.

The converter said that the Saudi major offers HDPE film, LLDPE film and LDPE film at $1210/ton, HDPE blow moulding at $1240/ton, HDPE injection at $1260/ton, homo-PP raffia and injection at $1050/ton, homo-PP film and fibre at $1080/ton, PPBC injection at $1210/ton, PPRC injection at $1310/ton, PPRC pipe (Type 3) at $1390/ton and at $1290/ton for HDPE pipe (PE 100), all on CIF Suez, 90 days deferred payment basis.

A trader receiving new prices from the major also commented, “The new announcements came in line with our expectations. We are observing the market’s trend cautiously to see the impacts of the recent gains in the dollar parity on the market. Meanwhile, we are waiting for other producers to reveal their offers.”