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Nigeria’s ELEME issues May PP, PE prices

by ChemOrbis Editorial Team - content@chemorbis.com
  • 05/05/2015 (16:45)
A Nigerian raffia products converter reported that domestic PP and PE producer ELEME revealed their new May prices at a rollover. The converter also received new May prices from Middle Eastern and Indian suppliers.

“ELEME rolled over their prices after they adjusted up their prices by NGN10,000-11,000/ton ($50-55/ton) for PP and by NGN20,000-21,000/ton ($100-106/ton) for PE when compared to their initial April levels on April 20. Now, these recently adjusted prices are said to be valid for May as well. Raffia supplies are still tight in the market both from ELEME and from a major Saudi Arabian producer. It is the off season for many raffia applications and therefore, producers are focusing on producing other products grades for now. We find the current offer levels very high but we feel that we have no option but to purchase if we want to carry on with our production. However, we continue to meet only our urgent needs,” he added.

Looking at prices, ELEME offers HDPE film at NGN327,000/ton ($1643/ton), LLDPE film at NGN324,000/ton ($1628/ton), LLDPE injection at NGN332,000/ton ($1668/ton), HDPE b/m at NGN324,000/ton ($1628/ton), HDPE injection at NGN325,000/ton ($1633/ton) on ex-Port Harcourt, Nigeria, cash not including 5% VAT. Meanwhile, the producer offers PP raffia and BOPP at NGN318,000 /ton ($1598/ton), PP injection at NGN315,000/ton ($1583/ton) and PPBC injection at NGN323,000-329,000/ton ($1623-1653/ton) with the same terms. The buyer also received Saudi Arabian PP raffia at $1450/ton on a CIF Cano, Nigeria, cash basis while they received Indian PP raffia at $1500/ton with the same terms.
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