LATEST NEWS: Saudi major lowers May PE, PP offers to China
by ChemOrbis Editorial Team - content@chemorbis.com
An agent of a major Saudi Arabian producer reported that the supplier decreased May PE and PP offers to China when compared to April.
The producer reduced its new offers by $10/ton for LDPE film, $40/ton for LLDPE film, $50/ton for HDPE film, and $60/ton for homo-PP raffia when compared to last month. The recent offers are standing at $1540/ton for LDPE film, at $1220/ton for LLDPE film and PPH raffia, and at $1210ton for HDPE film, all on CIF China, cash basis.
The agent commented, “Shanghai began a tentative return to production amid easing lockdown last week. However, there is no sign of demand improvement yet as the whole supply chain has still been affected by the Covid-19 lockdowns in major hubs.”
“Our supplier has delayed their shipment to China as they are concerned about the port congestion amid lockdown in Shanghai. There are also growing covid cases in other provinces such as Beijing, which also cast a shadow on expectations of a demand recovery. We are not planning to replenish any materials now but we think prices will likely firm up after lockdowns are eased as there is lingering cost pressure. But it will take time,” he also commented.
The producer reduced its new offers by $10/ton for LDPE film, $40/ton for LLDPE film, $50/ton for HDPE film, and $60/ton for homo-PP raffia when compared to last month. The recent offers are standing at $1540/ton for LDPE film, at $1220/ton for LLDPE film and PPH raffia, and at $1210ton for HDPE film, all on CIF China, cash basis.
The agent commented, “Shanghai began a tentative return to production amid easing lockdown last week. However, there is no sign of demand improvement yet as the whole supply chain has still been affected by the Covid-19 lockdowns in major hubs.”
“Our supplier has delayed their shipment to China as they are concerned about the port congestion amid lockdown in Shanghai. There are also growing covid cases in other provinces such as Beijing, which also cast a shadow on expectations of a demand recovery. We are not planning to replenish any materials now but we think prices will likely firm up after lockdowns are eased as there is lingering cost pressure. But it will take time,” he also commented.
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