Nigerian players receive initial Feb PP, PE offers
According to a trader, ELEME’s new offers indicate increases between NGN18000-29000/ton ($59-95/ton) for PE and NGN24000/ton ($79/ton) for PP from its January levels.
The new prices are pegged at NGN 723,000/ton ($2370/ton) for HDPE film, at NGN717,000/ton ($2351/ton) for LLDPE c4 film, at NGN720,000/ton ($2361/ton) for HDPE b/m, at NGN721,000/ton ($2364/ton) for HDPE injection, at NGN640,000/ton ($2098/ton) for PP raffia and NGN633,000/ton ($2075/ton) for PP injection and at NGN669,000-685,000/ton ($2193-2246/ton) for PPBC injection, all on an ex-Port Harcourt, Nigeria, cash excluding 5% VAT basis.
In addition, another trader also said that they received new February offers from a Saudi major with an increase of $50/ton for PP and $80-100/ton for PE from January at $1310/ton for HDPE film, at $1330/ton for LLDPE c4 film, at $1360/ton for LDPE film, at $1190/ton for PP raffia and injection, at $1265/ton for PPBC inj. and at $1355/ton for PPRC inj. on a CFR Lagos, Nigeria, cash basis.
“The Saudi producer raised their offers this month in line with the firming global trend. We are waiting to receive the rest of the Middle Eastern producers’ offers, while we expect them to follow suit. Import business remains halted given exchange rate problems; hence players are getting their needs from the local producer ELEME. ELEME is delivering smoothly to the market, however PP allocations are not ample from the producer,” said the trader.
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