Nigeria’s ELEME reveals PP, PE offers for October
Accordingly, ELEME’s new offers are currently standing at NGN507,000/ton ($1414/ton) for HDPE film, at NGN504,000/ton ($1405/ton) for LLDPE c4 film and for HDPE b/m, at NGN505,000/ton ($1408/ton) for HDPE inj., at NGN513,000/ton for ($1430/ton) for PP raffia, at NGN506,000/ton ($1410/ton) for inj. and at NGN521,000-537,000/ton ($1452-1497/ton) for PPBC inj., all on an ex-Port Harcourt, Nigeria, cash excluding 5% VAT basis.
The producer was already expected to come with increases by mid-September as their prices were competitive compared to the import offers. After keeping mid-month offers unchanged, the local producer raised its PP offers for October amid a lack of import material as most of the overseas producers were reportedly sold out.
Prior to the producer’s October announcements, a buyer said, “Demand is slow and overall market state is stagnant amid harsh economic conditions. Many converters have lowered their production rates due to the thin buying activity. The global market sentiment appears to be firming; yet, we’re not sure if the market will be able to absorb additional increases.”
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