Jordanian players: PP, PE prices may be near the bottom
A film products converter reported receiving new September import offers from different Middle Eastern producers. The buyer received HDPE, LDPE and LLDPE c4 film at $1250/ton on a CIF Amman, 90 days basis from a major Saudi produce while he also received more competitive price for HDPE film at $1140-1150/ton on a CIF Aqaba, 90 days basis from a different Saudi supplier. “Saudi producers issued significant decreases this month and they are willing to offer further discounts in return of large volume purchases. Overall supply levels are comfortable, but sellers might try to limit availability in order to pull up prices. Therefore, we think that a stable to slightly firmer trend might be possible. We are mulling over making some fresh purchases as we feel uncertain about the upcoming period. Regarding our end product demand, it has shown some slight improvement, but it still performs poorly.”
Another converter operating in Jordan said that they received decreases changing between $100/ton and $190/ton from different Middle Eastern PE and PP producers when compared to August. “Saudi producers lowered their prices when compared to August and we are not expecting further declines. Prices are likely to stabilize at around the current levels. Meanwhile, our end product demand is still below normal rates but it has started to show some signs of improvements.”
The buyer received Middle Eastern HDPE film and LLDPE c4 film at $1145/ton, LDPE film at $1200/ton and PP raffia and injection at $1095/ton on CIF Amman, Jordan, 90 days deferred payment basis. Meanwhile, he also received offers on CPT Amman, 90 days deferred payment basis at $1240/ton for HDPE film, 1250/ton for LDPE film, $1260/ton for LLDPE film and at $1090/ton for PP raffia and injection.
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