October PP, PE offers continue to rise in Nigeria and Kenya

In Nigeria, players reported new October PP, PE prices in the import and local markets with increases. This is the third consecutive month where prices record increases in Nigeria; however, trading activity across the country remains low due to high inflation rates .

October offers from the country’s local producer ELEME, were reported with NGN70,000-95,000/ton ($92-125/ton) increases for PE and NGN85,000-100,800/ton ($112-133/ton) for PP when compared to initial September levels.

Offers from the producer are currently standing at NGN1,276,000 ($1707/ton) for LLDPE, NGN1,295,000 ($1733/ton) for HDPE film, NGN1,305,500/ton ($1747/ton) for HDPE b/m, NGN1,295,000 ($1733/ton) for HDPE inj., NGN1,284,000-1,336,500/ton ($1718-1788/ton) for PPBC, NGN1,290,800/ton ($1727/ton) for PPH raffia and NGN1,272,900-1,317,000 ($1703-1762/ton) for PPH inj., all on ex Port Harcourt city, cash basis.

In the import market, October offers to Nigeria are currently reported with minor increases of $20/ton for PP and PE from September at $1090-1110/ton for LDPE, $1050-1070/ton for LLDPE, $1030-1040/ton for HDPE film, $1100-1130/ton for HDPE b/m and inj., $1090-1100/ton for PPBC, $1180-1190/ton for PPRC, $1060-1080/ton for PPH raffia and inj., $1070-1110/ton for PPH film and fibre., all on a CFR Nigeria, cash, subject to 10% customs duty basis.

Meanwhile, players in Kenya also received $20/ton increases for PE and $30/ton increases for PP from September. This is the second month of price hikes in Kenya.

“The market activity is stagnant, which continues to curb sellers’ hikes attempts. Buyers are limiting their purchases to basic needs as the economic situation across the continent remains blurry,” opined a local source.

October offers are currently standing at $1070-1080/ton for LDPE, $990-1010/ton for LLDPE, $970-990/ton for HDPE film, $1000-1020/ton for HDPE b/m and inj., $1090-1100/ton for PPBC, $1120-1130/ton for PPRC, $1010-1030/ton for PPH raffia and inj., and $1050-1070/ton for PPH film and fibre., all on a CFR Kenya, 90 days basis.