Initial October PE, PP offers start to emerge in Saudi Arabia
The producer issued decreases of SAR113/ton ($30/ton) on its HDPE offers from September while maintaining its PP, LDPE and LLDPE film offers stable from the previous month.
The source commented that the major is also expected to reveal its new October prices to Egypt and Africa with rollovers to slight decreases from September as import activities in these markets have been hindered by serious financial issues in the last few months.
In Egypt, players prefer to meet their urgent needs from the local market due to ongoing exchange rate issues and financing difficulties.
Under these circumstances, expectations for the market direction in Egypt’s local and import markets show a divergent path for October. Local prices are expected to follow a firmer path on the back of reduced supply levels while the import market signals a stable to softer trend due to stalling trade activities.
In Jordan, a plastic end product manufacturer reported that the Saud major implemented a $10/ton discount on its PE offers for September and gave his forecast for October. He commented, “Demand for our end product is faltering and we haven’t seen any improvement since the Eid holidays. Plus, the overall market activity is slow. We are waiting to receive new price announcements within the upcoming days and we are expecting a mostly steady trend for October.”
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