Nigerian players receive July PE, PP prices

A trader operating in Nigeria reported receiving July shipment PE and PP prices from Saudi and Indian suppliers. According to him, new prices indicate rollovers from June levels for PE while signaling monthly increases of around $30/ton for PP.

According to the trader, an Indian producer announced their July PP raffia and injection offers to Nigeria at $1090/ton on a CFR Lagos, cash basis. He also reported that a Saudi producer’s new PE prices stand at $1260/ton for LDPE and HDPE film and at $1250/ton for LLDPE film with the same terms.

The trader stated that a supply shortage is cited as the reason behind the hikes on PP prices since most suppliers are directing their quotas to more profitable markets in Asia. “We are still having problems with exchange rates as banks are not supplying the required foreign currency for import activities amidst the lower crude production in the country,” he opined. The trader also added that ELEME is delivering 40-50% of the customers’ needs and they are receiving more inquiries due to hampered imports. He stated, “Limited PP supply for the next few days will enable the local producer to implement some increase on their offers."