LATEST NEWS: Saudi major cuts Jan PE, PP offers to China
by ChemOrbis Editorial Team - content@chemorbis.com
An agent of a major Saudi Arabian producer reported that their supplier announced its January PP and PE offers to China with decreases from their December 2020 levels.
The major producer cut its January offers by $40-50/ton for LDPE film and by $30/ton for LLDPE and HDPE film and by $50/ton for homo-PP raffia from last month. The recent offers stand at $1350-1360/ton for LDPE film, at $1020/ton for LLDPE and HDPE film and at $1080/ton for homo-PP raffia, all on CIF China, cash basis.
The agent commented, “Although demand has remained weak, PP and PE prices have posted limited drops since the new year started. Some replenishment activity is expected to take place in the upcoming days; however, buyers mostly source based on a need basis. We expect the market to be quiet in the near term due to the approaching Chinese New Year holiday.”
The major producer cut its January offers by $40-50/ton for LDPE film and by $30/ton for LLDPE and HDPE film and by $50/ton for homo-PP raffia from last month. The recent offers stand at $1350-1360/ton for LDPE film, at $1020/ton for LLDPE and HDPE film and at $1080/ton for homo-PP raffia, all on CIF China, cash basis.
The agent commented, “Although demand has remained weak, PP and PE prices have posted limited drops since the new year started. Some replenishment activity is expected to take place in the upcoming days; however, buyers mostly source based on a need basis. We expect the market to be quiet in the near term due to the approaching Chinese New Year holiday.”
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