Local prices extend rally into Nov, imports roll over in Nigeria’s PP, PE markets

In Nigeria, offers from the country’s local PP and PE supplier, ELEME, have continued to rise monthly. November marks the fourth month in a row for price hikes in the local market.

According to local sources, the increases stemmed from higher inflation rates rather than any revival in demand. Nigeria’s currency has tumbled to new record lows against the US dollar, putting further pressure on the markets.

November offers from the producer were reported with NGN179,700-228,800/ton ($228-291/ton) increases for PP and NGN150,000-151,800/ton ($190-193/ton) for PE. They are currently standing at NGN1,426,000/ton ($1743/ton) for LLDPE, NGN1,445,000/ton ($1766/ton) for HDPE film, NGN1,457,300/ton ($1781/ton) for HDPE b/m, NGN1,445,000/ton ($1766/ton) for HDPE inj., NGN1,504,000-1,565,300/ton ($1838-1913/ton) for PPBC, NGN1,473,400/ton ($1801/ton) for PPH raffia and NGN1,452,600-1,504,000/ton ($1775-1838/ton) for PPH inj., all on ex Port Harcourt city, cash basis.

Meanwhile, the import PP and PE market in Nigeria has started to stabilize after tracking a firming path over the past few months.

Import buyers complained about the current situation in the market as the currency devaluation continued to hinder market activity, noting that the purchasing volumes have retreated over the previous times.

The most recent November offers are currently standing at $1090-1110/ton for LDPE, $1050-1070/ton for LLDPE, $1030-1050/ton for HDPE film, $1080-1100/ton for HDPE b/m and inj., $1090-1100/ton for PPBC, $1180-1190/ton for PPRC, $1060-1080/ton for PPH raffia and inj., $1070-1110/ton for PPH film and fibre, all on a CFR Nigeria, cash, subject to 10% customs duty basis.