Saudi major announces June PP, PE prices to Egypt
The producer’s June PP prices indicate decreases of $20/ton for PP random copolymer injection and PPRC (Type 3), $20-50/ton for PP block copolymer injection and $50/ton for PP raffia, injection, fibre and film when compared to their initial May levels. For PE, the producer lowered their June offers by $20/ton for all grades.
However, their new levels suggest $20/ton smaller decrease amounts for PP raffia and injection and a steady trend for all PE products compared to their latest May levels, which were revised down by $20/ton for their regular customers.
The producer’s June PP prices stand at $1190-1220/ton for PPBC injection, at $1310/ton for PPRC injection, at $1390/ton for PPRC (Type 3), at $1120/ton for homo-PP raffia and inj. and at $1150/ton for PP fibre and film, all on a CIF Suez, 90 days deferred payment basis. For PE, the producer offers LDPE, LLDPE and HDPE film at $1280/ton, LDPE shrink film at $1300/ton, HDPE blow moulding at $1310/ton and HDPE injection at $1330/ton with the same terms.
A distributor who received June offers from the producer commented, “These decreases came in line with initial market expectations based on slowing activities given the approaching Ramadan. Players are mostly sidelined nowadays as no one is sure about the near term outlook. We are now waiting to hear new prices from other Middle Eastern suppliers.”
Meanwhile, a converter said, “We were expecting mostly rollovers from the producer. Hence, their decrease decision surprised us a bit. The market remains quiet, with most players retreating to the sidelines ahead of Ramadan. We have not decided yet as to whether or not we make fresh purchases from the import market as we already have some stocks. We may decide on our next step once other Middle Eastern suppliers also reveal their June prices.”
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