Initial Middle East PE offers for Sep emerge in SEA
A global trader who offers two different origins from the Middle East to Vietnam reported his offers at $1210-1220/ton for LLDPE and $1130/ton for HDPE film and $1180/ton for LDPE film, all CIF, cash basis. “These levels represent rollovers when compared to August. However, buyers are still hesitant to accept them,” he said.
A converter in Thailand also reported receiving a September LLDPE offer from a Saudi supplier at $1220/ton CIF, cash. “It is a rollover from August. However, we do not think any LLDPE offer above $1200/ton is attractive. There is no discount in the import market and therefore, we decided to purchase from the domestic market,” he said.
A buyer in Philippines also received stable LLDPE offers from the Middle East for September at $1200/ton with the same terms. However, he added “Our suppliers started hinting that they may increase their offers due to firming crude oil, ethylene and naphtha prices.”
Players think that any hike requests on the sellers’ side will be supported by higher upstream markets and some supply issues, particularly for LLDPE, across Southeast Asia. Nevertheless, demand remains thin as players widely concur. Bids are generally $20-30/ton below the current offers and sales are slow, sellers admit. Next week, more offers are expected to be revealed in the region.
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