July PP, PE offers emerge softer in Mid-Eastern markets
Saudi markets head south on slower activities
In Saudi Arabia, another local supplier unveiled their July offers with decreases, tracking the footsteps of the country’s major producer.
The local producer’s PP offers were reported softer by SAR225-637/ton ($60-170/ton), while PE offers were down by SAR113-338/ton ($30-90/ton). They stood at SAR5737-6000/ton ($1530-1600/ton) for LDPE, SAR4725/ton ($1260/ton) for LLDPE, SAR4687/ton ($1249/ton) for HDPE film, SAR5000-5063/ton ($1333-1350/ton) for HDPE b/m, SAR4837/ton ($1289/ton)for HDPE inj., SAR5475/ton ($1460/ton) for PPRC, SAR5063-5138/ton ($1350-1370/ton) for raffia and inj., SAR5138-5288/ton ($1370-1410/ton) for fibre and film, all on FD Jeddah, cash basis.
“Trading activity is retreating with the Eid holiday and the Hajj season just around the corner”, commented a major trader.
Emirati markets see drops of $30-50/ton
In the United Arab Emirates, Middle Eastern suppliers unveiled their new offers for July with decreases ranging between $30-50/ton at $1610-1630/ton for LDPE, $1350-1370/ton for LLDPE, $1400-1420/ton for HDPE film, $1380-1450/ton for HDPE b/m and $1430-1450/ton for HDPE inj., $1530-1550/ton for PPBC, $1620-1640/ton for PPRC, $1370-1450/ton for raffia and inj., on a CIF Dubai basis.
Meanwhile, the country’s local PP supplier announced its new PP offers with a similar amount of price reductions at $1390-1410/ton for raffia and inj., and $1530-1540/ton for PPBC on an FD Dubai basis.
East Med players expect further price drops
In Jordan, July offers surfaced with decreases, matching the globally softer sentiment, at $1700-1710/ton for LDPE, $1500-1510/ton for LLDPE, $1440-1450/ton for HDPE film, $1460-1470/ton for HDPE b/m and inj., $1540-1550/ton for raffia and inj., $1560-1570/ton for fibre, $1570-1580/ton for film, all on a CIF Jordan basis.
“We expect further reductions in deal levels as trading activity continues to stumble,” commented a trader in Amman, adding that supplies were comfortable.
In Lebanon, July offers surfaced with three-digit decreases when compared to initial June levels. However, a local seller highlighted that buying appetite was very limited, while several buyers said that they were expecting the market to extend its losses into August as well. Offers are now standing at $1300-1320/ton for PP raffia and inj., $1450-1480/ton for LDPE, $1320-1340/ton for LLDPE, $1250-1300/ton for HDPE film, $1320/ton for HDPE b/m and HDPE inj., on a CIF Beirut basis.
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