Nigeria’s local and import PP, PE markets sustain price hikes in September

Back in August, Nigeria was the only market across Africa seeing price hikes while the rest of the region maintained either rollovers or price decreases. PP and PE prices have extended their gains into a second month recently.

New September offers from the country’s local PP, PE supplier, ELEME, raised its offers. PP offers recorded NGN74,800-86,000/ton ($99-114/ton) increases when compared to initial August levels. Meanwhile, PE offers were higher by NGN40,000-71,200 ($53-94/ton).

The overall range for September was reported at NGN1,181,000/ton ($2624/ton) for LLDPE, 1,225,000/ton ($2722/ton) for HDPE film, NGN1,235,000/ton ($2744/ton) for HDPE b/m, NGN1,225,000/ton ($2722/ton) for HDPE inj., NGN1,199,000-1,249,000/ton ($2664-2775/ton) for PPBC, NGN1,190,000/ton ($2644/ton) for PPH raffia and NGN1,173,000-1,215,000/ton ($2606-2700/ton) for PPH inj., all on ex Port Harcourt city, cash basis.

Similarly, September import PP and PE offers were reported with increases of $10-50/ton for PE and -$40-50/ton for PP when compared to August levels.

September offers are currently standing at $1070-1090/ton for LDPE, $1030-1050/ton for LLDPE, $1010-1030/ton for HDPE film, $1080-1110/ton for HDPE b/m and inj., $1070-1080/ton for PPBC, $1160-1170/ton for PPRC, $1040-1060/ton for PPH raffia and inj., and $1050-1090/ton for PPH film and fibre., all on a CFR Nigeria, cash, subject to 10% customs duty basis.

According to local sources, demand has improved when compared to the previous months. However, high exchange rates continue to hamper the activity.