More Middle Eastern producers reduce Nov PE prices to SEA
A trader based in Vietnam said that they received offers from a Saudi producer at $1540/ton for HDPE film and at $1530-1540/ton for LLDPE film, both on a CIF, cash basis. These offers stand $50/ton below the most recent HDPE deals reported for this origin while their LLDPE prices were down $40-50/ton. “We believe that we can obtain another $10/ton reduction after negotiations. We are hesitant to purchase as spot ethylene prices have seen sharp reductions in Asia recently while demand from the Chinese market has not been all that strong,” the trader commented.
Meanwhile, a Middle Eastern producer said that they announced their November prices with decreases of $40/ton for LLDPE film, $50/ton for LDPE film and $30-40/ton for LDPE coating, bringing their new prices to $1550/ton for LDPE film and LLDPE film and to $1690/ton for LDPE coating, all on a CIF SEA, cash basis. “Our customers remain hesitant to purchase as they are expecting further discounts given the recent losses in spot ethylene prices,” a producer source stated.
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