Nigeria’s ELEME announces March PP, PE prices
For March, the producer came with initial increases of NGN30,000/ton ($151/ton) for PE and NGN30,000-40,000/ton ($151-201/ton) for PP.
Their offers now stand at NGN337,000/ton ($1702/ton) for PP raffia, at NGN334,000/ton ($1686/ton) for PP injection and at NGN357,000-365,000/ton ($1803-1843/ton) for PPBC injection on an ex-Port Harcourt city, cash excluding 5% VAT basis. Meanwhile, for PE, the producer offers HDPE film at NGN391,000/ton ($1974/ton), HDPE b/m at NGN388,000/ton ($1959/ton), HDPE inj. at NGN389,000/ton ($1964/ton), LLDPE c4 film at NGN385,000/ton ($1944/ton) and LLDPE c4 injection at NGN395,000/ton ($1994/ton) with the same terms.
A converter who received these offers highlighted, “ELEME issued these increases on a notional level as the producer’s operations are still halted due to the force majeure they declared last month.” ELEME had declared a force majeure on their PP and PE production on the back of a technical glitch they experienced last week. The producer had to halt their operations given an unexpected power failure and it was initially expected to take around two weeks to resume operations. ELEME already had low stocks and therefore, the producer had halted their deliveries altogether following their force majeure announcement.
“ELEME has no cargoes to offer and their notional March levels recorded large increases on the back the tight supplies in the distribution market,” the buyer added.
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