Lebanese buyers: Demand weak despite lower Jan PP, PE prices
A major Saudi Arabian producer cut their January PP prices by $40-90/ton and PE prices by $70-80/ton. Meanwhile, an Emirati producer’s January PP offers are down by $40-100/ton from December and their PE prices indicate $50-70/ton drops. Another regional producer also elected to lower their PE prices to Lebanon by $60-90/ton on a month over month basis.
January PP and PE prices from the Middle East to Lebanon stand at $1080-1170/ton for LDPE film, $1150-1160/ton for LLDPE film, $1070-1160/ton for HDPE film, $1170/ton for HDPE blow moulding and at $1200/ton for HDPE injection on a CIF Beirut, Lebanon, 90 days basis. For PP, overall prices were pegged at $980-990/ton for raffia and injection, at $1020/ton for fibre and film, $1000-1040/ton for PPBC injection and at $1070-1140/ton for PPRC injection with the same terms.
A Lebanese converter commented, “Middle Eastern prices indicate decreases while overall supply levels are ample. Demand, on the other hand, remains very thin although market players have started to question if prices have reached the bottom or not. However, we are not expecting a quick recovery at least until after March since winter conditions will remain in place and will slow down businesses. Most converters have already halved the run rates at their plants, pointing to their poorly performing end product demand.”
Meanwhile, another converter remarked that they are not planning to make fresh purchases despite the decreases issued for January. “We are anticipating seeing further downward adjustments on January levels and therefore, we are not planning to make any purchases for now. In general, market sentiment is weak and trade has been limited since the year-end holidays,” he added.
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