Saudi Arabian producer issues local prices for June
The producer issued SAR300-450/ton ($80-120/ton) hikes for PE and SAR375/ton ($100/ton) increases for homo-PP and PPBC injection. Meanwhile, the producer rolled over their GPPS and HIPS prices while implementing a SAR293/ton ($78/ton) decrease for PET.
Accordingly, their new prices stand at SAR5250/ton ($1400/ton) for HDPE film, SAR5363/ton ($1430/ton) for LDPE film, SAR5100/ton ($1360/ton) for HDPE b/m, SAR5288/ton ($1410/ton) for LLDPE film, SAR5325/ton ($1420/ton) for PP raffia and injection, SAR5888/ton ($1570/ton) for PPBC injection, SAR6227/ton ($1660/ton) for GPPS injection, at SAR6535/ton ($1743/ton) for HIPS and at SAR4607/ton ($1228/ton) for PET on an FD Jeddah, Saudi Arabia, cash basis.
A distributor who received these offers commented, “There is a gap between Saudi Arabia’s market prices and prices in other major global markets. Meanwhile, we see that buyers are resisting these high levels as demand is retreating. Supplies seem more comfortable compared with previous months while demand is not supportive. Considering the impending Ramadan, we are not expecting further increases. Meanwhile, this month, buyers who purchase in large volumes are able to obtain discounts.”
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