March Middle Eastern PP, PE prices surface in Kenya
A converter operating in Nairobi stated, “A major Saudi Arabian producer lifted their PP prices by $40-70/ton while they raised their PE offers by $20/ton for March. Giving the agricultural season, we see improving demand when compared to previous months. Meanwhile, supplies are relatively tight, especially in the local market, given the some delays experienced at the ports stemming from the increased number of clearance documents requested by the government.”
Meanwhile, another converter reported, “A major Saudi producer issued increases on their PP and PE prices in line with the globally firming trend. These higher announcements came in line with our previous expectations as we thought that the prices had reached the bottom level. Despite their announcements, we are not sure how much quota the Saudi producer spared to Kenya for March.” However, the buyer deemed overall demand as still weak in Kenya despite the reports of gradual improvements on buying interest given the agricultural season.
Saudi Arabian prices stand at $1165-1190/ton for HDPE and LLDPE c4 film, at $1160/ton for HDPE injection, $1190-1210/ton for LDPE film, $960-970/ton for PP raffia and injection and at $1000/ton for fibre and film on a CFR Mombasa, Kenya, 90 days deferred payment basis.
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