Nigerian ELEME opts for another round of PP decreases
The producer’s new prices stand at NGN294,000/ton ($1788/ton) for PP raffia, at NGN291,000/ton ($1770/ton) for PP injection, at NGN294,000/ton ($1788/ton) for BOPP and at NGN300,000-304,000/ton ($1824-1849/ton) for PP block copolymer injection on an ex-Port Harcourt, cash not including VAT basis.
A buyer commented, “The producer issued further decreases on their PP prices following their downward price adjustment last week. We attributed this move to poor buying interest in Nigeria as well as more competitive November import offers given by Middle Eastern and Korean suppliers, especially for PP block copolymer injection. At the moment, we are not sure if the producer will announce further adjustments for November or if they will continue with their current prices. This will depend on the global trend.”
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