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.”
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- June expectations surface in Mid-Eastern, African polyolefin markets
- China’s local PVC market retreats from 8-month high
- Initial June PE offers to SEA signal firming despite buyers’ resistance
- Firming in ethylene lags behind propylene in Europe
- PET rally stalls in China after prices hit four-and-half-year high
- Asian PS retains firming path on supportive upstream
- June PE outlook under discussion in Europe
- Taiwanese major lowers June PVC offers to Asia despite firm China
- Local PP markets cautiously firmer in Vietnam, Indonesia
- Global ethylene prices continue to defy energy rally