Nigeria’s ELEME adjusts June PP, PE prices higher
The producer’s new offers for PE now stand at NGN515,000/ton ($1823/ton) for LLDPE film, at NGN530,000/ton ($1876/ton) for LLDPE c4 injection, at NGN516,000/ton ($1826/ton) HDPE film, at NGN513,000/ton ($1815/ton) for HDPE blow moulding, and at NGN514,000/ton ($1819/ton) for HDPE injection, on an ex-Port Harcourt, Nigeria, cash excluding 5% VAT basis.
A trader operating in the region opined, “Prices are facing decreases globally but the local producer had to increase their offers due to the depreciation of the local currency against the US dollar. End demand is low. Hence, for July, we expect a stable trend.”
According to a buyer’s report, ELEME’s new prices for PPBC injection indicated NGN25,000/ton ($88/ton) increases and are quoted at NGN482,000-495,000 ($1706-1752/ton). Meanwhile, new offers for homo-PP raffia and injection were up by NGN15,000/ton when compared to the producer’s initial levels and were pegged at NGN452,000/ton ($1600/ton) and NGN449,000/ton ($1590/ton) respectively, on an ex-Port Harcourt, Nigeria, cash excluding 5% VAT basis.
A trader receiving these prices from the producer reported that demand for ELEME’s cargoes is good on the back of hampered imports and they were expecting increases from ELEME since they announced their initial June prices with rollovers. “HD and LLD grades see good demand for now and ELEME delivers almost 50% of the PP need of the market while supplying relatively less of the market’s PE need,” he said.
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