More Middle Eastern PE, PP prices for Aug surface in Egypt
A source from a Middle Eastern producer reported that their offers are announced with mostly rollovers when compared to their July levels and currently stand at $1220-1230/ton for LDPE film on a CIF Alexandria, 90 days deferred payment basis. The source stated that demand is still slow on the back of the parity issues as well as the difficulties when opening letters of credits at banks and added, “Offers are open to negotiations and discounts could be obtainable for purchases with certain volumes.”
A trader offering on behalf of another Middle Eastern producer and a Saudi producer reported that after a slight improvement in July, demand is muted again due to financing issues. “Middle Eastern producers’ supplies are good, but the Saudi producer’s PE supplies are limited for this month,” he added.
According to the trader’s reports, the Middle Eastern producer’s PE offers indicate $20-40/ton decreases from their July levels and are currently reported at $1190-1200/ton for both HDPE film and LLDPE film, CIF Alexandria, 90 days deferred payment basis.
The trader also reported that the Saudi producer’s offers are up by $10-30/ton for PE and some PP grades, except for PPBC injection which was down by $10-20/ton when compared to July levels. According to him, the Saudi producer offers LLDPE film and HDPE film at $1180-1190/ton, PP-homo injection and raffia at $1050/ton and PPBC injection at $1140-1150/ton with the same terms.
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