Saudi major reveals Sept PP, PE offers to Kenya, Nigeria, Algeria
In Kenya, a converter reported receiving new offers from the Saudi major with $60-70/ton increases for PP and $20/ton for LDPE film. Accordingly, the new offers stand at $1170/ton for PP raffia and injection and $1300/ton for LDPE film on CFR Mombasa, Kenya, 90 days basis.
The source commented, “The global upturn must the main reason behind these hikes as we were not expecting to receive higher offers amidst poor demand considering the ban on plastic bags, which affected the market activities to a large extent. Still, the medium-term effects of the ban in question are not clear yet as many converters are struggling with their business now. Demand remains quiet amid harsh economic conditions, but we hope to see better demand over the near term.”
In Nigeria, the Saudi major issued rollovers on LDPE film while increasing LLDPE and HDPE film offers by $10/ton and PP raffia and injection offers by $40/ton from August. A distributor reported receiving September offers at $1190/ton for raffia and injection, $1280/ton for LDPE film, $1150/ton for LLDPE c4 film and $1170/ton for HDPE film on CFR Lagos, Nigeria, cash basis.
In Algeria, a distributor reported receiving Saudi major’s PE offers at a rollover from initial August levels while PP offers indicate $20/ton increases compared to the same period. The suppliers’ new September PP and PE offers are reported at $1300/ton for LDPE film, $1250/ton for LLDPE film, at $1230/ton for HDPE film and at $1200/ton for PP raffia and injection, all on CIF Algeria, 90 days. However, these levels indicate hikes of up to $50/ton from the latest August deals.
“We are waiting to see if lower levels will be obtained amid stagnant demand," commented the distributor.
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