Initial Mid-Eastern May PP, PE prices surface in Mediterrenean
In Egypt, a Saudi Arabian major issued their new PP and PE prices with hike requests from their last April levels as was already foreseen. The supplier is seeking $120/ton hikes for homo PP and increases of $100/ton for PP copolymer cargos. Meanwhile, the seller revealed $60/ton increases for PE with respect to their last April price.
Both converters and traders are planning to wait until other Middle Eastern producers unveil their new prices before deciding on their next step. A trader opined, “We already expected to hear price increases of up to $100/ton from the supplier. We will wait for other regional sellers to express their May offers before making our purchases.”
According to some traders, buyers are not rushing to engage in fresh cargos as fluctuating USD currency as well as generally sluggish activity keeps overall sentiment cautious. “Demand is muted given unstable exchange rates,” one of them noted.
In Turkey, meanwhile, a Middle Eastern PE producer announced rollovers from the second half of April while their new offers were slightly higher than the beginning of the month. Yet, the supplier of this material admitted seeing poor demand for now. “Our suppliers do not seem willing to give discounts just because they will not be able to sell to Turkey. Demand may remain weak at first but it may improve later on,” opined a regional source.
For PP, a bcf converter reported receiving mostly stable prices for a Saudi Arabian producer’s May shipment cargos. “When we told the seller that we found the price too high, they conceded to a $10/ton discount. However, we are not planning to buy any material before hearing other Middle Eastern sources’ offers,” the buyer noted.
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