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Middle Eastern producer adjusts down November PP,PE to Egypt

by ChemOrbis Editorial Team - content@chemorbis.com
  • 04/11/2014 (16:14)
In Egypt, a Middle Eastern producer had issued decreases of $70/ton for November when compared with their initial October levels. This producer had reduced their initial October prices by $40/ton by mid-last month. When compared with their latest October prices, their new November prices indicated $30/ton drops.

Now, the producer has revised down their prices once again by $80/ton from their initial November announcement.

Prices were pegged at $1500/ton for HDPE film and LLDPE film, $1560/ton for LLDPE injection, $1570/ton for LDPE film, $1490/ton for HDPE blow moulding and injection and $1460/ton for PP raffia and injection on CIF Alexandria, 90 days deferred payment basis.

A distributor who received the revised offer levels commented, “The producer’s decreases came on top of their $30/ton drops. We believe that the producers’ prices are now at normal levels. The producer has been lowering their prices since last month in order to be able to cope with the globally bearish trend. However, after the recent large adjustments, players panicked a bit and the purchases have slowed down due to the buyers’ increased cautiousness towards new purchases.”

When compared with prices at the end of October, the producer’s decrease amount mounted up to $110/ton and their homo-PP prices came in line with the Saudi range reported in a nearby market Turkey at around $1450/ton on CIF Turkey, cash basis.
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