Nigeria’s ELEME lifts June PP, PE prices
Now, the producers’ new offers stand at NGN348,000/ton ($1748/ton) for PP raffia, at NGN345,000/ton ($1733/ton) for PP injection, at NGN355,000/ton (1773$/ton) for HDPE film, at NGN352,000/ton ($1768/ton) for HDPE b/m, at NGN353,000/ton ($1783/ton) for HDPE injection and at NGN360,000/ton ($1809/ton) for LLDPE c4 injection on an ex-Port Harcourt, Nigeria, cash not inc 5% VAT basis.
A converter who received these prices said, “The Nigerian market is quite weak right now and this is due to the cash flow issues and weak demand. Players are expecting prices to start coming down by mid-June given slow global markets and thin buying interest. Meanwhile, supplies appear to be not that problematic nowadays.”
Meanwhile, another converter reported, “We are hoping to see a little softer import prices as the economic conditions in Nigeria are affecting trade negatively. Therefore, we do not feel optimistic about the upcoming period. Our end demand is moderate while Middle Eastern offers were not that competitive during May relative to offers from South Korean suppliers, whom we preferred."
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