Initial Middle Eastern PE prices for Jan surface in SE Asia
A distributor operating in Malaysia reported that a Saudi producer announced their January LLDPE film offers at $1080/ton on a CIF Malaysia, cash basis. He commented, “The supplier’s new offer is down $30/ton when compared to the most recent done deal level that we concluded with them at the end of November. In response to their new price, we placed a bid at $1040/ton CIF, cash. We are now waiting to hear more January prices from the Middle East before replenishing our stocks. Plus, we think that the US Federal Reserve’s expected interest rate decision will also affect the direction of global markets.”
In Vietnam, a bag manufacturer reported receiving January PE prices from the same Saudi Arabian producer at $1100/ton CIF, cash for both HDPE and LLDPE film. According to the converter, the producer’s new levels are $70/ton below the last offers they received from the supplier. “Prices came out earlier this month and we feel that the new levels still have room for decreases as ongoing expectations for lower prices are keeping buyers on the sidelines. We are planning to wait for a while as more offers are likely to be revealed from the Middle East next week,” the buyer stated.
In Southeast Asia, overall PE prices are currently reported at $1060-1150/ton for LLDPE film and at $1080-1130/ton for HDPE film, all on a CIF SEA, cash equivalent basis.
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