Nigerian converter: March import PE prices rise
According to the converter, the new March HDPE and LLDPE film offers indicate increases of $30-40/ton from Middle Eastern producers while they stand at a single level of $1190/ton on a CFR Lagos, Nigeria, subject to 10% customs duty and 5% VAT. Meanwhile, the buyer also received American LDPE and LLDPE c4 film prices at $1270/ton with the same terms.
“Given the increasing US dollar exchange rate, import market activities have been hindered even though the gap between locally held and the import offers are widening in favour of locally held cargoes given the depreciating naira and tight distribution market supplies, worsened by ELEME’s absence. Meanwhile, we have started to see stronger demand for raffia products but we have not received any raffia offers yet. We are currently waiting to hear prices for Middle Eastern origins while our Korean suppliers are out of the market due their maintenance shutdown,” added the buyer.
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