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More July PP, PE prices announced in Middle East

by ChemOrbis Editorial Team - content@chemorbis.com
  • 04/07/2016 (18:13)
Following the initial announcements in Saudi Arabia and Jordan, players operating in other Middle Eastern countries including the United Arab Emirates and Lebanon reported that they received new prices for July.

In Lebanon, an end product manufacturer reported that they received July PP and PE prices from two different Middle Eastern suppliers. According to him, a major Saudi producer issued decreases between $10-50/ton on their new prices, bringing their new offers to $1090-1130/ton for PP block copolymer injection, to $1220/ton for PP random copolymer injection, to $1050/ton for PP raffia and injection, to $1100/ton for PP fibre, to $1220/ton for LDPE film, to $1200/ton for LLDPE and HDPE film, to $1240/ton for HDPE blow moulding and to $1260$/ton for HDPE injection, all on a CIF Beirut, 90 days deferred payment basis.

The buyer also received July LDPE film prices from another Middle Eastern producer with a decrease of $60/ton from June at $1150-1170/ton with the same terms. He commented, “Demand has started to improve slightly since the start of July and we expect buying interest to see further improvements once the Eid holidays end.”

In the United Arab Emirates, several players reported receiving July PP and PE prices from a major Saudi producer at different levels. The overall range for the Saudi major’s new offers from different sources stand at $990-1050/ton for PP raffia and injection, at $1220-1240/ton for LDPE film, at $1190-1230/ton for LLDPE film, at $1180-1250/ton for HDPE film, all on a CIF Dubai, 90 days basis.

Meanwhile, a trader reported receiving an Iranian HDPE film offer for July at a relatively competitive level of $1130/ton CIF Dubai, cash basis.

A trader reported that the major Saudi producer conceded to issuing decreases of $10-20/ton on their new July offers after they initially announced rollovers. “Demand remains stagnant as buyers aren’t interested in purchasing beyond their needs ahead of the holidays,” he noted. The trader also reported receiving July HDPE film prices from the local Emirati producer at $1130/ton on an FD, cash basis.

A converter also received new July PP prices from the local producer at $980-990/ton on an FD Dubai, cash basis. “The market is quiet given the Eid holidays while demand is not expected to improve significantly in the near term,” he stated.
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