Saudi Arabian PP, PE traded higher for March in Turkey
In the PP market, Saudi Arabian PP raffia offers from three different producers were reported at $1280-1300/ton CIF Turkey, subject to 6.5% customs duty, cash with some deals being concluded within the range. The range moved $50-100/ton higher compared to late February.
“We sold out most of our quota as supply is short and demand is quite good,” a producer source reported.
Saudi Arabian PP fibre cargos from two producers were pegged at $1270-1300/ton with the same terms with deals across the range, up $60-90/ton from late February levels. Meanwhile, a Saudi Arabian source is reportedly expected to return from a shutdown by mid or late March.
In the PE market, a major Saudi Arabian producer’s awaited March offers were reported at $1250/ton for LLDPE c4 film and $1300/ton for HDPE film, all on FCA Turkey, subject to 6.5% customs duty, cash basis. The latest levels indicate hikes of $100/ton and $120/ton, respectively, from February.
“We purchased some material for both products from the producer. However, they could only give a smaller amount than we needed for HDPE film given their restricted availability,” a packaging converter highlighted. A trader stated, “We received these prices but were informed that the producer was already sold out. They usually give priority to converters rather than traders and this may be the reason for their lack of availability.”
In addition to maintenance shutdowns at two Saudi Arabian PP producers since last month, a Middle Eastern PE producer is said to be having supply issues recently. A compound manufacturer said, “The producer claims that they have no material due to a shutdown.”
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