Initial Middle Eastern November PP, PE prices surface in Egypt
An end product manufacturer reported receiving new levels from a major Saudi Arabian producer with rollovers from their initial October prices. However, their new prices indicate increases of $20/ton for PE and $20-100/ton for PP when compared with their latest October levels, which they had to lower to remain competitive.
According to the buyer, the producer’s new November prices stand at $1370/ton for LDPE, LLDPE and HDPE film, at $1400/ton for HDPE blow moulding and at $1420/ton for HDPE injection on CIF Suez, 90 days deferred payment basis. For PP, the producer’s offers are reported at $1420/ton for raffia and injection and at $1250/ton for film and fibre. Meanwhile, the producer offers PPBC injection at $1290/ton, PPRC injection at $1380/ton and PPRC pipe (Type 3) at $1440/ton with the same terms.
The converter who received these levels commented, “The producer’s allocations are limited for November while the rollover decision was not a surprise since mostly steady levels had been expected for November. The market is weak and is not likely to absorb further hikes. We are now waiting to hear more prices from the region and we expect the rest of the Middle Eastern producers to follow a similar pricing policy.”
On the other hand, another converter reported new October PP raffia and injection offers from a different Saudi Arabian producer with $40/ton increases from their latest October levels at $1160/ton on CIF Alexandria, 90 days deferred payment basis.
He stated, “The producer’s new levels indicate rollovers from their initial October levels although they are $40/ton above their latest October levels. We believe that discounts will be obtainable given slow demand.”
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