Initial June offers revealed in Saudi Arabia, UAE

Middle Eastern players have started to receive new June offers from the regional producers in Saudi Arabia and UAE with decreases from May in line with market expectations amidst Ramadan lull as well as sufficient supply levels.

In Saudi Arabia, some traders received new June offers from a Saudi major. The major lowered their offers by SAR75/ton ($20/ton) for PE and PP grades except for PPBC inj., by SAR263/ton ($70/ton) for HIPS and GPPS, by SAR375/ton ($100/ton) for PVC and by SAR225/ton ($60/ton) for PET from their initial May offers. Meanwhile, the producer’s new PPBC inj. offers are indicating decreases of SAR37/ton ($10/ton) from the previous month.

According to the traders’ report, the major’s new PP and PE offers are standing at SAR4463/ton ($1190/ton) for HDPE film, at SAR4575/ton ($1220/ton) for LLDPE c4 film, at SAR4875/ton ($1300/ton) for LDPE film, at SAR4350/ton ($1160/ton) for HDPE b/m, at SAR4950/ton ($1320/ton) for HDPE pipe, at SAR4388/ton ($1170/ton) for HDPE inj., at SAR4125/ton ($1100/ton) for PP raffia and inj., at SAR 4800/ton ($1280/ton) for PPBC inj. all on an FD Jeddah, Saudi Arabia, cash basis.

The supplier’s new PS, PVC and PET prices are reported at SAR 5550/ton ($1480/ton) for HIPS inj., at SAR5175/ton ($1380/ton) for GPPS inj., at SAR3375/ton ($900/ton) for PVC k67-68 and at SAR3767-3808/ton ($1000-1015/ton) for PET bottle with the same terms.

In addition, an Emirati producer revealed its new offers to its local market with decreases of up to $40/ton for PE and $60/ton for PP from May. A trader said that the producer’s new offers are currently standing at $1140/ton for HDPE film, at $1200/ton for LLDPE c4 film, and at $1100/ton for PP raffia and inj., all on an FD Dubai, United Arab Emirates, cash basis.

The trader commented that demand is slow due to Ramadan while they are waiting to hear other Middle Eastern producers’ new offers before taking a position.