July expectations voiced in the Middle Eastern PP, PE markets
Players are currently gauging the July outlook while expectations of seeing stable to softer prices dominate the market.
In Saudi Arabia, a trader commented that after announcing their initial June offers with rollovers to some increases, sellers are currently maintaining their offers at initial June levels as the Ramadan lull continues to keep market activities limited. “Buyers are limiting their purchases to a needs only basis as they believe that the market has room for decreases for the short term. We think that a major local producer may elect to announce their July prices with rollovers in order to preserve their current levels,” added the trader.
A Saudi major producer had initially issued rollovers to SAR36-38/ton ($9-10/ton) increases on their June prices while a different domestic producer reportedly revealed their June prices with SAR227/ton ($60/ton) increases from May.
In the United Arab Emirates, a converter reported that slowing trading activities during Ramadan has weighed down the market sentiment, therefore they expect their suppliers to announce their new July offers either with rollovers or with slight decreases.
In Jordan and Lebanon, meanwhile, PP and PE prices have posted no major changes after a major producer announced its initial June offers with a decrease of $40-60/ton from May. Players report that the new July prices might surface with rollovers to small decreases from June in the days ahead.
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