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Nigeria’s ELEME revises down January PP, PE prices

by ChemOrbis Editorial Team - content@chemorbis.com
  • 12/01/2015 (13:38)
Local Nigerian PP and PE producer ELEME had initially approached the market with rollovers for January on both products. Despite weak demand and buyers’ decrease expectations, the producer had initially elected to maintain their offers for the second month in a row given the depreciation of the local currency, the naira, against the US dollar. Decreasing oil prices have affected Africa’s largest oil exporter’s economy to a noticeable extent and the local currency has started to lose value.

However, players were still highlighting their downward adjustment expectations from the producer given competitive South Korean import offers and lower Middle Eastern import prices.

This week, a distributor reported receiving downwardly revised offer levels from the local producer. According to the distributor, the producer issued NGN9000/ton ($49/ton) decreases for PE and NGN15000/ton ($82/ton) decreases for PP.

Now, the producer’s offers stand at NGN298,000/ton ($1709/ton) for LLDPE c4 film, NGN305,000/ton ($1750/ton) for LLDPE c4 injection, NGN302,000/ton ($1732/ton) for HDPE film, NGN299,000/ton ($1715/ton) for HDPE blow moulding, NGN300,000/ton ($1721/ton) for HDPE injection, NGN285,000-289,000/ton ($1635-1658/ton) for PPBC injection, NGN279,000/ton ($1600/ton) for PP raffia, NGN276,000/ton ($1583/ton) for PP injection and at NGN279,000/ton ($1600/ton) for BOPP on an ex-warehouse Port Harcourt city, cash not inc 5% VAT, cash basis.
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