March PP, PE prices emerging higher in the Middle East
In Saudi Arabia, a major producer announced their March prices to the domestic market with increases for both PP and PE. A converter who reported receiving higher prices from the producer commented, “Demand inside Saudi Arabia has been improving since late February and we believe that demand will continue to gain speed in the weeks ahead as the high season is approaching.”
A distributor reported receiving new prices from another domestic producer with increases for PE and some slight step backs for PP. “PE demand is stronger than PP and this resulted in our supplier pursuing divergent strategies for these two products. We believe that the firming global trend will support higher prices within the country for this month,” the distributor stated. Another converter added, “We have not received new March prices yet, but we are expecting to see higher prices given healthy demand along with some production issues in the country.”
A converter based in Jordan reported receiving new March prices for PP and PE from two different regional producers with increases from February. “We had been expecting to receive higher prices from regional suppliers and we believe that we will be able to purchase at February’s deal levels in the best case scenario. We are not facing any difficulty locating material and we are not planning to purchase beyond our needs for now,” the buyer reported.
In Lebanon, a household products manufacturer said that they expect to see firmer PP and PE prices from regional producers for this month. “We expect to see some increases, although we believe that size of any price hikes will be limited. Demand has improved, but only around 10% when compared with early February. However, healthier buying after the Chinese New Year holidays in the Chinese market will put prices under upwards pressure globally,” the buyer commented.
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