Nigerian trader: Korean PP and PE prices competitive
“We are anticipating new Middle Eastern prices as of next week while we received competitive South Korean offers. Considering the lower expected Middle Eastern offers and competitive South Korean offers, we believe that the local producer ELEME will have to lower their prices by at least NGN2000-3000/ton ($12-18/ton) in order to remain competitive against imports. We expect decreases from the Middle Eastern producers but we do not anticipate large drops since we started to hear that the freight rates have increased from the Middle East. At the moment, trading activities are very limited in the dawn of the new announcements,” he remarked.
The trader received South Korean HDPE film at $1610-1620/ton and PP block copolymer injection at $1600/ton on CFR Lagos, Nigeria, 90 days deferred payment basis.
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