Saudi major announces April PP, PE prices to Africa, Mid-East
Prior to the producer’s April announcements, a trader in Alexandria reported, “Demand is stagnant as players are waiting for the new announcements. We expect rollovers despite the prevailing tightness given the slow demand. Plus, buying interest is very thin as liquidity issues are hindering purchasing activities.”
However, the producer applied rollovers to increases of up to three digits for their April shipments to Egypt, defying the earlier expectations for smaller increases. “New increases from the Saudi major exceeded our expectations calling for rollovers on PE and slight increases on PP products. We think that the producer will adjust their prices down when concluding deals as the market will not absorb such hikes,” opined a converter. Players are now waiting to receive more offers from other producers.
Although the producer’s April announcements to Algeria indicate comparatively smaller increases than to Egypt, players prefer to stay on the sidelines while waiting for the rest of the announcements. A distributor said, “We received HDPE film offers with rollovers while the producer applied notable hikes on their homo PP inj. and raffia prices. Discounts might be obtainable this month given the slow market activities.”
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