Saudi major cuts Nov PE offers further to Jordan

According to a manufacturer, a major Saudi producer applied additional decreases of $20/ton on its PE offers compared to the early November levels. The manufacturer reported concluding deals at $1180/ton for LLDPE c4 film, $1190/ton for HDPE film and at $1240/ton for LDPE film, all on CIP Amman, 90 days basis.

The Saudi major’s cumulative November decreases reached $40/ton for LLDPE, $30/ton for HDPE and $50/ton for LDPE film.

The source commented, “Suppliers are more willing to negotiate due to the hindered market activities. Decrease amounts are variable depending on purchasing amounts, though. Demand for our end products is slow and we lowered our operating rates accordingly. Demand is expected to remain slow until the end of the year and we expect prices to follow a steady path in December. However, we are concerned about availability.”