Saudi major announces May PP, PE prices to Egypt
Accordingly, the producer’s new May prices indicate $140-160/ton hikes for PE products and they are $130/ton higher for homo-PP products. The producer’s May PP block and random copolymer prices indicate $90-110/ton hikes from April levels.
The new prices stand at $1540/ton for HDPE and LLDPE film, $1550/ton for HDPE b/m and at $1560/ton for LDPE film and HDPE injection on CIF Suez, 90 days deferred payment basis. The Saudi producer, meanwhile, offers PP raffia and injection at $1500/ton and PP fibre and film at $1530/ton. Their PP block copolymer offers stand at $1500-1510/ton, PP random copolymer prices are at $1590/ton and PP random copolymer Type 3 prices are at $1650/ton with the same terms.
A trader, who received these new May offers from the Saudi producer commented, “The Saudi producer still holds very limited quotas for this month. Increases were already anticipated but these hikes amounts are beyond expectations and definitely well beyond the buyers’ anticipations of around at $100/ton, at most. Apart from these hefty hike announcements, the producer also wants these new higher prices to be implemented for orders placed after April 15 with deferred payment basis because of their tight supplies. However, buyers are intensely resisting such a move while the producer is currently struggling to push that increase through. For us, we want to wait for other Middle Eastern producers’ new May announcements before deciding on our next move.”
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