Saudi Arabian PP, PE offers for November surface in Nigeria
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.”
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Crude oil prices seesaw on geopolitics and ebbing demand
- China’s local PP markets return on a cautiously firm note, defying weak fundamentals
- Mid-Eastern PP, PE markets rise in February after three months of weakness
- Stats: China’s 2023 PE imports snap two-year downfall despite rapidly growing domestic capacities
- PE rally loses momentum on subsiding demand in Türkiye
- PVC prices flat for 2nd straight month in Italy and West Europe
- Freight rates snap rally, Red Sea crisis keeps decreases in check
- Worsening dollar shortage pushes Egypt’s local PP, PE prices to never-before-seen highs
- Stats: US PE exports hit a renewed record in 2023, sales to China boom
- Türkiye’s PP market continues to grapple with tight supply, prices at multi-month highs