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Nigerian ELEME announces February PP, PE prices

by ChemOrbis Editorial Team - content@chemorbis.com
  • 09/02/2016 (14:04)
Nigeria’s local PP and PE producer ELEME issued their new February prices at a rollover from January levels. The producer had initially issued decreases for January but then decided to adjust up their prices on the back of the limited locally held supplies, which had become scarce amidst the higher US dollar and problems when opening letters of credits.

This month, ELEME’s prices remain unchanged at NGN335.000/ton ($1681/ton) for LLDPE c4 film, at NGN345.000/ton ($1731/ton) for LLDPE c4 injection, NGN341.000/ton ($1711/ton) for HDPE film, NGN338.000/ton ($1696/ton) for HDPE b/m, NGN 339.000/ton ($1701/ton) for HDPE injection, NGN307.000-315.000/ton ($1541-1581/ton) for PPBC injection, NGN297.000/ton ($1491/ton) for PP raffia and at NGN 294.000/ton ($1476/ton) for PP injection on ex-warehouse Port Harcourt city, Nigeria, cash excluding 5% VAT.

A trader operating in Nigeria commented, “The local producer ELEME rolled over their February PP and PE prices while players in the country mostly prefer to meet their needs from the producer amidst currency problems, which hinder import trade and the locally held availability, consequently.”

A converter also said, “Demand towards ELEME’s cargoes is very good and therefore, the producer elected to maintain their prices for February. Meanwhile, import demand remains very thin on the back of the higher US dollar exchange rate as well as the ongoing problems when opening letters of credits at banks. Nowadays, we are only making purchases to meet our needs as the market state is still not very clear, but our end demand for film products has recorded some improvement lately.”

Meanwhile, a trader confirmed the healthy demand towards ELEME’s cargoes, pointing to the difficulties when trying to get financing from the banks as the main reason behind this situation. “ELEME is also facing a feedstock shortage and therefore, their deliveries to the local market are restricted. This is another reason why ELEME elected to keep their prices steady. On top of it, distributors do not have comfortable locally held stocks on hand and therefore, they are asking for firmer levels,” he further underlined.
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