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Nigerian players receive local and import July prices

by ChemOrbis Editorial Team -
  • 07/07/2015 (16:20)
In Nigeria, a trader reported that the local producer ELEME elected to roll over their July PP and PE prices, although import offers indicate decreases.

“Despite the lower announced import prices, the local producer ELEME elected to roll over their prices given the depreciation of the local currency, the naira, against the US dollar. However, difficulties when trying to open letters of credit at banks remain in place and this situation caused ELEME to enjoy better sales. Regarding the import market, we anticipate further declines into August when considering the rainy season in inland and northern Nigeria, which starts in July and ends in late September/mid-October. At the moment, purchase amounts are still restricted,” stated the trader.

According to him, ELEME’s new July prices stand at NGN355,000/ton ($1784/ton) for HDPE film, NGN360,000/ton ($1809/ton) for LLDPE injection, NGN352,000/ton ($1796/ton) for HDPE b/m, NGN353,000/ton ($1774/ton) for HDPE injection, NGN348,000/ton ($1749/ton) for PP raffia and at NGN345,00/ton ($1734/ton) for PP injection on ex-Port Harcourt, cash excluding 5% VAT.

Meanwhile, the trader also received South Korean PP raffia and injection offers at $1335/ton and PPBC injection offers at $1400-1410/ton while he also received Middle Eastern LDPE film prices at a range of $1485-1510/ton and LLDPE film offers at $1470/ton CFR Lagos, Nigeria, cash subject to 10% customs duty.
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