Saudi Arabian PP, PE offers for November surface in Nigeria

A trader operating in Nigeria said that they received new November shipment offers from a Saudi major with rollovers from October.

According to the trader’s report, the producer’s new offers are standing at $1050/ton for PP raffia and inj., $1280/ton for LDPE film, at $1270/ton for LLDPE c4 film and $1260/ton for HDPE film, all on a CFR Lagos, cash basis.

"ELEME is delivering regularly to the market now, and the producer elected to roll over their prices given a stabilizing Naira against the US dollar. Besides, the market is unlikely to absorb further hikes since the producer is raising their offers since the beginning of the year. Import activities are still slow with the limited dollar availability at banks, which pushes players to meet their needs locally despite price increases. ELEME’s mid-month price announcement will largely depend o the exchange rates during the upcoming term,” said the trader.

Another trader receiving new offers from the major also said, “We prefer to purchase from the locally held market as we cannot secure dollars. Meanwhile demand on our end product is good, but supplies are short.”