Local, import PP, PE prices surface for Dec in the UAE
The local Emirati producer issued $70/ton decreases on their PP raffia and injection offers at $950/ton while they cut their HDPE film offers by $110/ton to $1060/ton on an FD Dubai, United Arab Emirates, cash basis.
Meanwhile, a major Saudi Arabian producer cut their HDPE and LDPE film offers by $50-70/ton and their homo-PP offers by around $40/ton for December. Players also reported new December LLDPE film levels from a different Middle Eastern producer.
Prices for Middle Eastern HDPE and LLDPE film stand at $1180-1200/ton, LDPE film stands at $1210/ton while PP raffia and injection stand at $1000/ton on a CIF Dubai, United Arab Emirates, 90 days deferred payment basis.
A trader commented, “December prices indicate decreases both in the local and import markets and these drops came in line with previous expectations. Regarding supplies, availability is comfortable and the import market levels face serious competition from the local Emirati producer’s more competitive prices. Therefore, we believe that the import market levels may see some downward adjustments.”
Another trader said, “December decreases occurred in line with the previous market expectations and we believe that even further discounts will be achievable in the days ahead given the poorly performing demand. Buyers show little buying interest and nobody appears to be in a rush to secure cargoes.”
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