January PP, PE prices announced in Nigeria
Production issues reduce ELEME’s allocations
For PPH raffia and inj. grades, ELEME increased their list prices by NGN100,150/ton ($261/ton) over December while PPBC inj. offers were higher by NGN114,600/ton ($299/ton) month-on-month.
The domestic producer’s PE offers were similarly higher from December. HDPE film, HDPE inj. and HDPE b/m offers increased by around NGN89,900-104,900/ton ($235-274/ton) from last month while LDPE film offers increased by NG81,300/ton ($212/ton) as compared to December.
With these latest price hikes, the producer’s January offers came in at NGN726,800/ton ($1897/ton) for PPH raffia and inj., NGN753,000-757,500/ton ($1965-1977/ton) for PPBC inj., NGN760,000/ton ($1984/ton) for HDPE b/m, HDPE film, and HDPE inj., and NGN717,000/ton ($1871/ton) for LLDPE C4 film, all on ex-Port Harcourt City, cash not including 7.5% VAT.
The domestic producer’s allocations were reported to have been limited, largely as a result of ongoing production issues.
Import offers surge on limited supplies
A major Saudi producer refrained from offering this month while offers from the other Saudi suppliers indicated notable price hikes for January. New PPH raffia and inj. offers were higher by around $320/ton over December levels at $1460/ton CFR Lagos, excluding 10% customs duty.
As compared to the previous levels in December, LLDPE C4 film offers were higher by around $380/ton, LDPE film offers were higher by around $270/ton and HDPE film offers were higher by around $345/ton. Accordingly, the latest import PE offers in Nigeria were at $1575/ton for HDPE film, $1640/ton for LDPE film and $1430/ton for LLDPE C4 film, CFR Lagos, excluding 10% customs duty.
"Import suppliers’ allocations are very limited. The local producer is also offering at limited quantities as their production remains affected by feedstock supply issues," a trader reported. On the other hand, demand seemed to have received a boost from limited supplies as price inquiries from buyers increased over last month.
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