Saudi major issues lower PP, PE offers for June to Nigeria
by ChemOrbis Editorial Team - content@chemorbis.com
In Nigeria, after local producer ELEME revealed its new June PE and PP offers with decreases of NGN20,000/ton ($63/ton) from May, a film manufacturer received new June PP and PE offers from a Saudi producer with decreases of $40-70/ton on a monthly basis.
Accordingly, the major’s new offers are standing at $1330/ton for LDPE film, at $1180-1190/ton for LLLDPE film, at $1200/ton for HDPE film, at $1130/ton for homo PP raffia and inj. and at $1170/ton for PPBC inj., all on CFR Lagos, cash.
“ELEME is delivering sufficient allocations to the market. However, demand remains slow amidst Ramadan while the fluctuating NGN against the US dollar is resulting in a panic mood among players. Buyers are meeting their needs on a weekly basis and are hesitant to make purchases beyond their needs as they are not feeling confident about the upcoming trend,” commented the converter.
Accordingly, the major’s new offers are standing at $1330/ton for LDPE film, at $1180-1190/ton for LLLDPE film, at $1200/ton for HDPE film, at $1130/ton for homo PP raffia and inj. and at $1170/ton for PPBC inj., all on CFR Lagos, cash.
“ELEME is delivering sufficient allocations to the market. However, demand remains slow amidst Ramadan while the fluctuating NGN against the US dollar is resulting in a panic mood among players. Buyers are meeting their needs on a weekly basis and are hesitant to make purchases beyond their needs as they are not feeling confident about the upcoming trend,” commented the converter.
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