Saudi PP, PE dealt lower in Egypt after initial hikes

In Egypt, a converter reported concluding deals for PP and PE with a Saudi major with a discount of $20-30/ton from its initial February offers with $30-50/ton increases in line with players’ expectations as they had found the major’s initial offers unreasonable amidst the poor market conditions.

The converter’s recent done deal levels for are at $1320/ton for HDPE, LDPE and LLDPE film, at $1350/ton for HDPE b/m, at $1370/ton for HDPE inj., at $1330/ton for HDPE pipe, at $1170/ton for PP raffia and inj., at $1230/ton for PPBC inj. and at $1330/ton for PPRC inj, all on CIF Suez, Egypt, 90 days deferred payment.

“Following the negotiations, the Saudi major conceded to give discounts while the local traders started to lower their offers in the local market in line with the recent weakening in dollar parity,” said the converter.