More Middle Eastern PP, PE prices surface in Egypt
A source offering on behalf of different Qatari producers reported that the prices they offer are mostly rolled over from July, apart from heavy duty LDPE film, which indicates a $10/ton decrease. “We elected to rollover our prices as our offers are still within the market range. Our allocations are fine but demand is weak. However, it appears that the lower prices of most regional producers coupled with comfortable supply levels are putting pressure on deal levels. Therefore, slight discounts might be possible for large purchases.”
The trader offers HDPE film at $1540/ton, LDPE film at $1560/ton, heavy duty LDPE film at $1570/ton and LLDPE c4 film at $1540/ton on CIF Alexandria, 90 days basis.
A trader offering on behalf of a Saudi Arabian producer commented, “The producer issued $110-120/ton decreases for PP and $30/ton decreases for PE when compared with their latest July levels. Overall demand is very weak in Egypt, with prices decreasing and buyers expecting even further reductions. Our allocations are comfortable and we think that deal may be done below the initial levels.”
The trader offers PP raffia and injection at $1300/ton, PP block copolymer injection at $1370/ton and HDPE and LLDPE c4 film at $1420/ton on CIF Alexandria, 90 days basis.
A different trader reported offering for a different Saudi Arabian producer with $80/ton drops for PP raffia and injection, $70/ton decreases for HDPE film and $50/ton decreases for LDPE film. “We are open to negotiations only with our regular customers and we will not give discounts beyond $10/ton. Our August allocations are comfortable and we have been receiving a good number of inquiries since the beginning of this week,” he added.
The trader’s offers stand at $1400/ton for PP raffia and injection and at $1420/ton for HDPE and LDPE film on CIF Ain Sokhna, 90 days basis.
Another trader complained that despite their lower prices for Kuwaiti cargoes, their customers are still not satisfied with the decrease amounts as they are pushing for further discounts. “Our HDPE and LLDPE film prices are already $50-60/ton below our July levels and we cannot offer more than $10/ton discounts on top of our already lower prices. Our quotas are comfortable and we are expecting to see better demand in August than in July,” he added.
The trader offers HDPE and LLDPE c4 film at a single level of $1450/ton on CIF Alexandria, 90 days deferred payment basis.
Lastly, a trader receiving offers for Emirati cargoes stated, “The Emirati producer’s offers are very competitive and are in line with the globally softening trend. However, due to our good stock levels, we are not planning to make fresh purchases. Plus, we are expecting further decreases as the month proceeds while we also expect the declining trend to continue into September. On another note, in the distribution market, stock levels are good but overall demand is weak.”
The trader received August HDPE film at with $50-60/ton decreases from July at $1320/ton, PPBC injection with $70/ton drops on a month over month basis at $1380/ton, PP injection with a decrease of $80/ton at $1340/ton and PPRC injection at a rollover at $1480/ton on CIF Alexandria, 90 days deferred payment basis.
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