Kenyan buyers: A major Saudi producer adjusts down PP, PE
However, during the past few weeks, players have been reporting even lower prices from the producer with additional cuts of $20/ton for PE products and $30-40/ton drops for PP products when compared with their initial December levels.
The producer’s most recently revised levels stand at $1230/ton for HDPE film, $1240/ton for HDPE injection, $1240/ton for LDPE and LLDPE film and at $1000-1010/ton for PP raffia and injection CFR Mombasa, Kenya, 90 days deferred payment basis.
A film products converter commented, “A major Saudi producer revised their offers downward in order to generate better buying interest as players are not eager to make fresh purchases. Plus, the higher exchange rates are still casting a shadow over import purchases. With the approaching holidays, demand is not performing well at all. Plus, supplies are not problematic and players expect even further decreases in the days ahead.”
Another Kenyan converter also reported, “A major Saudi producer had issued price cuts from their initial December levels given the more competitive offers present in the market from other Middle Eastern producers. Plus, overall demand remains sluggish and players still highlight that there is room for further decreases.”
Middle Eastern prices given to Kenya stand at $1240/ton for LDPE, LLDPE film and HDPE injection, $1220-1230/ton for HDPE film, $1220-1260/ton for HDPE b/m, $1040-1070/ton for PPBC injection, $1220/ton for PPRC injection, $990-1010/ton for PP raffia and injection and at $1040/ton for PP film on a CFR Mombasa, Kenya, 90 days deferred payment basis.
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