More Saudi producers announce Nov PE, PP prices to Egypt
A plastic end manufacturer operating in Egypt reported that a Saudi producer announced their November shipment PE and PP prices to the country with rollovers from their latest October levels.
According to the converter, the Saudi producer’s new offers stand at $1180/ton for HDPE film and LLDPE c4 film, at $1170/ton for HDPE b/m, at $1210/ton for LDPE film and at $1080/ton for homo-PP raffia and injection, all on a CIF Alexandria, 90 days deferred payment basis.
“Middle Eastern suppliers are unable to increase their offers to Egypt this month due to the poor market conditions amidst the problematic opening of LCs given the dollar shortage and the high exchange rates. We stopped opening LCs for a while and now we are importing cargoes on an avalized draft basis. Supplies are short in the local market and many plants were shut given the poor demand,” added the converter.
According to a distributor of another Saudi producer, their supplier applied slight increases of $10/ton on its homo PP and LDPE film offers, bringing their new offers to $1020-1030/ton for raffia and injection, to $1040-1050/ton for fibre and to $1180/ton for LDPE film, all on a CIF Alexandria, 90 days deferred payment basis. However, the producer lowered their HDPE film and b/m offers by $30/ton from October to $1120/ton with the same terms.
“We are standing firm on our offers this month as our offers are very competitive when compared to the current market levels. Demand is good, but still below the normal levels given the poor market state amidst the high parity and problems opening LCs," said the distributor.
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