Initial November PP, PE offers emerge in UAE

According to market players in the United Arab Emirates, a Saudi major and a local producer revealed their new November shipment PP and PE offers to the country. Both producers introduced an increase of $20/ton on their homo PP offers while maintaining their PE offers at their last October levels.

A trader reported that the local Emirati producer is currently offering at $960-970/ton for PP raffia and injection and at $1070-1080/ton for HDPE film, both on an FD Dubai, United Arab Emirates, cash basis.

The trader also reported receiving new November PP and PE offers from a major Saudi Arabian producer. The producer’s new prices are standing at $1010-1020/ton for homo PP raffia and injection, $1150-1160/ton for HDPE blow moulding, $1130/ton for HDPE film, $1160-1170/ton for LLDPE c4 film and $1220/ton for LDPE film, all on a CIF Dubai, United Arab Emirates, 90 days deferred payment basis.

“Demand remains disappointing in the market as players are limiting their purchases according to their urgent needs nowadays. Prices are almost stable this month except for PP offers which indicate small increases. But, they may be revised later due to slow demand,” commented the trader. The trader cited firming Asian markets especially in India as the main factor pushing up PP prices.

Another trader also reported that the overall market activities in Gulf markets have been slow since Ramadan while he pointed out that their export business to the African markets is dull as well given the currency issues and the political instability in these countries.