Middle Eastern players: February PP, PE prices come down
In Saudi Arabia, one of the local producers, who had shut their PP and PE plants in early October and restarted them in late January, announced their new February prices with decreases. The producer’s new PP offers indicate SAR81-197/ton ($22-53/ton) drops while their PE prices represent SAR117-261/ton ($31-70/ton) cuts when compared to prices reported back in December. Due to the producer’s plant shutdown, players had not reported their offers during January.
The producer offers PP raffia and injection at SAR3343/ton ($891/ton), PPBC injection at SAR3613/ton ($963/ton), LLDPE film at SAR4170-4188/ton ($1112-1117/ton), HDPE injection at SAR3967/ton ($1058/ton), HDPE b/m at SAR4083/ton ($1089/ton) and HDPE film at SAR4044/ton ($1078/ton) on FD Jeddah, Saudi Arabia, cash basis.
Another major Saudi producer had earlier cut their local homo-PP prices by SAR112/ton ($30/ton) while they had issued rollovers to slight decreases of SAR38/ton ($10/ton) for PE.
In Jordan, an end product manufacturer reported receiving new February PE prices from Saudi Arabian, Qatari and Emirati producers. “The Middle Eastern producers’ new PE prices indicate decreases from January while we are yet to receive new PP offers. The PP market is performing rather slowly when compared to PE. Overall demand is very weak and the market sentiment is not promising at all. We continue to purchase on a needs only basis while overall supply levels are very comfortable. Expecting additional discounts on deals, we are not rushing our purchases,” added the converter.
The buyer received Saudi Arabian HDPE film at $1160-1170/ton, LDPE film at $1170/ton and LLDPE film at $1160-1170/ton on CIP Amman, Jordan, 90 days basis. Meanwhile, they received Qatari and Emirati HDPE film offers at $1130-1140/ton on CIF Aqaba, Jordan, 90 days basis.
In Lebanon, a household products manufacturer received February PP and PE prices from a major Saudi Arabian producer with decreases of $10-70/ton for PP and $10-20/ton for PE.
The buyer commented, “Overall supplies are very comfortable but buying interest remains thin. Nevertheless, we anticipate some improvement over the near term given the approaching agricultural season. At the moment, we are waiting to hear other Middle Eastern producers’ prices before deciding on our purchases.”
The buyer received Saudi HDPE film prices at $1100/ton, HDPE b/m at $1160/ton, HDPE injection at $1180/ton, LLDPE and LDPE film at $1130/ton, PP raffia and injection at $940/ton, PP film and fibre at $950/ton, PPBC injection at $1030/ton and PPRC injection at $1110/ton on CIF Beirut, Lebanon, 90 days basis.
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