Nigeria’s ELEME adjusts up initial Feb prices on lower naira

In Nigeria, the local producer ELEME adjusted up their initial February prices, which they had initially announced with rollovers, by NGN10,000/ton ($50/ton) for PP and NGN20,000/ton ($100/ton) for PE.

The producer’s new prices stand at NGN307,000/ton ($1529/ton) for PP raffia, at NGN304,000/ton ($1529/ton) for PP injection, NGN317,000-325,000/ton ($1594-1635/ton) for PPBC injection, NGN361,000/ton ($1816/ton) for HDPE film, NGN365,000/ton ($1836/ton) for LLDPE injection, NGN358,000/ton ($1801/ton) for HDPE blow moulding, NGN359,000/ton ($1806/ton) for HDPE injection and at NGN355,000/ton ($1785/ton) for LLDPE film on ex-warehouse Port Harcourt, Nigeria, cash excluding 5% VAT basis.

According to a converter, the local producer issued increases on their initial February prices on the back of the further devaluation of the naira against the US dollar. Meanwhile, another converter highlighted that the producer is delivering to the market in limited amounts due to their feedstock availability issues.