New Sept PP, PE prices revealed in the Emirates
In the United Arab Emirates, players have started to receive new September PP and PE prices from several Middle Eastern producers while the local Emirati producer’s prices also emerged.
A trader who got offers from a major Saudi Arabian producer commented, “The producers’ offers indicate $150-180/ton drops from their August offers for PP and PE. Overall market conditions continue to be stagnant as demand remains weak. We are struggling when concluding sales since supplies are comfortable.”
Another trader said, “The new announcements came with noticeable decreases in line with expectations. Overall supplies are sufficient while buying interest is very limited. However, players appear to be uncertain regarding the upcoming term after the recent upturn in oil prices.”
A different trader added, “Demand is thin as buyers prefer to wait until prices reach the bottom and until they are nearly out of stock before making fresh purchases. Yet, we think that prices have already reached the bottom.”
Overall Middle Eastern prices stand at $1080-1100/ton for PP raffia and injection, $1230-1250/ton for HDPE film, $1240/ton for LDPE film and at $1240/ton for LLDPE c4 film on a CIF Dubai, United Arab Emirates, 90 days deferred payment basis.
Meanwhile, the local Emirati producer’s new September prices were pegged at $1020/ton for PP raffia and injection, $1120/ton for HDPE film and at $1180/ton for LLDPE film on an FD Dubai, United Arab Emirates, cash basis. The new prices indicate $130-160/ton decreases for homo-PP and $70-100/ton drops for LLDPE film and $190/ton decreases for HDPE film when compared to last month.
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