Saudi Arabian producer revises down local PP prices
The producer issued additional decreases of SAR563/ton ($150/ton) on homo-PP offers at SAR3937/ton ($1048/ton) on FD Jeddah, Saudi Arabia, cash basis.
A distributor who received the newly adjusted levels from the producer noted, “The adjustments were a result of ample supply levels and weak demand while further decrease expectations for February also added to the situation.”
According to a distributor, another Saudi producer is to start their annual maintenance shutdown on January 25th. However, he does not expect this six weeks long shutdown to affect the market significantly given the already weak demand.
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