Saudi major announces March PP, PE offers to Egypt
Several sources reported receiving new March PP and PE offers from a Saudi producer. According to a converter, the producer increased its offers by $50-70/ton for homo PP and PE products, except for HDPE grades which indicated rollovers to $20/ton higher levels from the previous month. The new prices for copolymers types are also indicating hikes of $10-30/ton from February.
Sources commented that the new offers may see resistance from the market amidst the weak sentiment in place. Expecting a downward revision on deals from the Saudi major, players believe that other Middle Eastern producers will follow suit for March.
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