More Mid-Eastern PE, PP prices for Oct revealed in Egypt
Another trader confirmed the increase amounts from the same Saudi producer and added, “The producer lifted their HDPE film prices by $150/ton while they issued $50/ton hikes for LDPE, LLDPE film and homo- PP prices. HDPE cargoes are generally tight and we tie the large gap between the price hike amounts to this situation. Yet, when considering the overall import Middle Eastern range, this particular producer’s offers stand as the most competitive choice.”
According to the players, the producer offers HDPE film at $1250/ton, LDPE and LLDPE c4 film at $1150/ton and homo-PP at $1200/ton on CIF Suez, 90 days deferred payment basis.
A different trader operating in Cairo received new October prices from three different Middle Eastern producers. He said, “One of the Saudi producers is having a maintenance shutdown and therefore, they are holding tight supplies for October. Meanwhile, a Kuwaiti producer, who issued $30/ton increases on October PE prices also holds limited quotas. In general, the Egyptian market performs slowly but we are expecting demand to start picking up soon.”
A buyer reported that October import offer levels are too high but they believe that discounts are possible for serious buyers.
Another converter remarked, “An Emirati producer has limited stocks but they continue to deliver to their regular customers. Overall demand has been improving, albeit slowly, but supplies are rather limited and some of the cargoes are still waiting at the ports.”
After recent changes in customs regulations, players have been complaining about a backlog of cargoes waiting at the ports and the higher costs of withdrawing them.
Looking at overall import Middle Eastern prices in Egypt; HDPE film stands at $1130-1350/ton, LDPE film at $1130-1350/ton and LLDPE c4 film at $1150-1350/ton. For PP, raffia offers stand at $1070-1220/ton and injection offers are at $1070-1220/ton on CIF Egypt, 90 days deferred payment basis.
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