Saudi major issues PP, PE prices for Sept to Turkey
A Saudi Arabian major announced its new offers at $1200/ton for homo PP raffia and $1220-1230/ton for PP fibre, both CIF Turkey, subject to 6.5% customs duty, cash basis. These levels represented increases of $90-100/ton from August deals concluded for Saudi origins.
Converters also reported receiving new PE prices from the major at $1230-1250/ton for LLDPE c4 film and $1190-1200/ton for HDPE film, FCA Turkey, subject to 6.5% customs duty, cash. The producer’s most recent offers were up by $50-70/ton and $40-50/ton, respectively from August. “We were told by the supplier that these levels may be revised further up next week,” said a buyer.
The bullish polymer markets in China and Europe supported the sentiment for both products. Supply woes in the US amidst severe output disruptions following Hurricane Harvey pushed costs up on a global scale and supported Mid-Eastern sellers as well. More PP and PE sellers from the Middle East are expected to approach the market with increases next week.
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