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Mid-Eastern PP, PE markets up for second month in October

by Nada Samir -
  • 18/10/2023 (02:01)
Players in the Middle Eastern PP and PE markets received October offers from regional sellers with moderate increases from September. Soaring energy costs and the previously firming global markets supported price hikes across the region, although these two factors are no longer fully supporting the markets. In addition, the outbreak of military conflict in the region has exacerbated economic concerns.

Saudi markets tack on gains, LDPE and HDPE b/m buck the trend

In Saudi Arabia, local polyolefin markets recorded a second consecutive month of increases in October after four-month bearishness.

Rallying energy costs in addition to global firmness in PP and PE markets boosted additional gains despite disappointing demand among domestic market players. A major local producer’s new offers came with increases of SAR112/ton ($30/ton) for PP grades, and SAR37/ton ($10/ton) for PE grades from September, except for LDPE prices, which remained unchanged. Offers from another local producer were announced with similar increases of SAR75/ton ($20/ton) for PP and SAR SAR75/ton ($20/ton) increases for PE, except for HDPE b/m which was steady from September levels.

Rally persists in Emirati markets

In the United Arab Emirates , Middle Eastern suppliers revealed their initial October PP and PE offers with around $50/ton increases when compared to the latest September levels.

Also, offers from the country’s local PP producer, Borouge, were $30/ton higher from their latest September levels. “The producer has been constantly raising their offers amid increasing costs and hiking global PP prices,” opined a local manufacturer. Generally, trading activity has slightly improved when compared to the previous period while overall it remains below average standards.

East Med markets see small hikes, slack demand continues

In the East Mediterranean region, import PP, PE prices maintained their bullish run for the second month in a row. However, the persistently weak market fundamentals amidst sluggish demand and weak trading activity across the region kept the hikes amounts limited.

Players in Lebanon received new October offers with around $20/ton increases for PP and PE grades when compared to September levels. Likewise, new October PP and PE offers were announced in Jordan with $20/ton increases from latest September levels. “The dire economic status and ongoing political tensions continue to hinder trading activity across the region,” said a manufacturer.

Will costs outweigh demand woes in Mid-East?

Players across the region expect no major prices changes until the end of October, citing limited price discussions given low run rates amidst the ongoing lethargy in the end-products market. However, players started questioning the sustainability of the recent price uptrend amidst dwindling crude oil futures, chronically dull downstream demand and the political conflict in the region.
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