Kenyan buyers: Major Saudi producer cuts Dec PP, PE prices
Saudi prices were reported at $1260/ton for LDPE film and at $1250/ton for HDPE film and blow moulding on a CFR Mombasa, Kenya, 90 days deferred payment basis. Meanwhile, the producer’s PP prices were pegged at $1040/ton for raffia and injection with the same terms.
A converter operating in Nairobi commented, “Demand is below expectations in Kenya amidst ongoing high dollar exchange rates and the approaching year-end holidays. At the same time, availability is comfortable with buyers meeting their needs without any struggle. Weak market conditions are pushing traders to issue further discounts on their offer levels. Meanwhile, interest rates at banks have risen. This situation will further magnify import market problems.”
Meanwhile, another converter stated, “Overall demand is weak while supplies are sufficient in the market. Higher exchange rates also continue to hinder sales. Demand is not likely to revive ahead of the approaching year-end holidays while the banks’ decision on increase interest rates also hindered trading activities.”
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