Libyan, Tanzanian buyers: import PP, PE prices fall for Feb
A Tanzanian buyer, who obtained $150/ton and $190/ton decreases from two different regional producers for PP raffia, pegged prices at $1060-1100/ton on CFR Dar es Salam, United Republic of Tanzania, 90 days deferred payment basis. “A major Saudi producer, who offers raffia at the high end of the range, still has room to lower their prices given another regional producer’s more competitive levels. Plus, South Korean offers, which should be announced soon, are another pressure point on the producer’s offer levels as they are usually given at very competitive levels when compared with the Middle Eastern producers’ prices. Meanwhile, market sentiment is showing some signs of recovery as the high season is approaching and buyers cannot really stop purchasing. At the moment, we are only covering our immediate needs, but we might start replenishing stocks starting from March. Some electricity problems are also affecting operations negatively at plants, but they are anticipated to be resolved soon.”
In Libya, a converter received decreases up to $140/ton for Middle Eastern PE and they obtained up to $240/ton drops for PP. “Market conditions are still weak as problems persist when trying to open letters of credit at banks. Plus, US dollar reserves are not sufficient in the market. Most buyers are still meeting their needs from the local market instead of the import market.”
The converter received Saudi Arabian HDPE film, blow moulding and LLDPE film at $1240/ton, LDPE film and HDPE injection at $1260/ton, PP film and fibre at $1220/ton, PP raffia and injection at $1190/ton, PP block copolymer injection at $1180-1200/ton and PP random copolymer injection at $1370/ton on CIF Tripoli, Libya, 90 days deferred payment basis.
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