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Middle Eastern producers start issuing Feb PP, PE prices to Egypt

by ChemOrbis Editorial Team -
  • 01/02/2016 (17:58)
Two Saudi Arabian producers have issued their February PP and PE prices to Egypt this week. A major Saudi producer issued $90-110/ton drops on their PE prices when compared with their initial January levels. Meanwhile, the producer cut their PP prices by $50-70/ton with respect to the initial January levels they issued.

However, this producer had conceded to up to three digit additional decreases as the month of January progressed amidst weak demand in Egypt. Therefore, their new levels indicate more modest decreases from their late January levels. The producer’s prices represent $20-30/ton decreases for PE and rollovers for PP when compared with their latest January offers.

The producer’s prices stand at $1180/ton for HDPE, LLDPE and LDPE film, at $1230/ton for HDPE blow moulding and injection, at $1030/ton for PP film and fibre, $1000/ton for PP raffia and injection, $1180/ton for PPRC injection and at $1240/ton for PPRC pipe (Type 3) on CIF Suez, 90 days deferred payment basis.

A converter who received these levels from the producer commented, “We found the new levels to be reasonable. We were expecting decreases from the producer but not as large as the reductions they issued for January. Nevertheless, we still anticipate some additional decreases in case of deals. We first want to see other regional producers’ offers, but at the same time we feel like we might start purchasing this month as we think that prices may have reached the bottom.”

Meanwhile, another Saudi producer also issued decreases for February. The producer lowered their PE prices by $50-70/ton while they cut their homo-PP prices by $40/ton when compared to January. The producer offers HDPE film, blow moulding and LDPE film at a single level at $1100/ton while they offer PP raffia and injection at $930/ton on a CIF Alexandria, 90 days deferred payment basis.

A trader offering on behalf of the producer commented, “Our Saudi supplier has already issued decreases for February, but our customers continue to push for lower deals. Demand remains weak in Egypt.”
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