More June PP, PE prices from Mid-East surface in Egypt

In Egypt, players reported receiving more June shipment PP and PE prices from Middle Eastern suppliers following initial announcements from a major Saudi Arabian producer at the start of the week.

A trader reported that a Saudi producer announced their June prices to Egypt at $1180/ton for PP random copolymer injection, at $1040/ton for PP raffia and injection and at $1210/ton for LLDPE film, all on a CIF Alexandria, 90 days deferred payment basis. According to him, the producer’s new levels represent decreases of $10/ton for PPRC inj. and $50/ton for homo-PP and LLDPE film when compared to May. The trader also received new offers from a Middle Eastern producer with $30/ton decreases at $1230/ton for HDPE film and b/m and at $1240/ton for LLDPE film with the same terms. “Demand is muted while we have limited supplies for June,” he said.

Another trader reported that another Middle Eastern producer revealed their June prices with $30/ton decreases from May at $1170/ton for HDPE film and at $1150/ton for PPRC inj. on a CIF Alexandria, 90 days basis. He commented, “Supplies are not that ample, but they are in line with the current state of demand. Liquidity remains tight.”

A third trader also received June prices from a different Saudi producer at $1250/ton for LDPE film, at $1240/ton for HDPE film and b/m, at $1090/ton for PP raffia and inj. and at $1110/ton for PP fibre, all on a CIF Alexandria, 90 days basis. “The producer’s new levels are suggesting decreases of $20-30/ton when compared to May. However, our customers are not willing to accept the new levels and they are placing lower bids.”