Saudi major revises down Sept PP, PE offers in East Med, Egypt
Economic crisis shatters demand in Lebanon
Although September PP and PE offers in Lebanese markets emerged with triple-digit price discounts as compared to August, a worsening economic crisis in the country left players with little buying power and the recent offers failed to encourage a strong buying interest.
As expected, major Saudi producer approached the markets this week with downward revisions. Following the recent adjustments, the producer’s September offers declined by $50-70/ton offers and were reported at $1100-1120/ton for LLDPE C4 film, $1259-1280/ton for LDPE film, $1080-1100/ton for HDPE film, $1090-1110/ton for HDPE b/m and inj., $1170-1180/ton for PPH raffia and inj., $1220-1230/ton for PPH film and fibre, $1250-1260/ton for PPBC inj. and $1280-1300/ton for PPRC inj. all on CIF Beirut basis.
Buyers in Jordan remain cautious
Neighbouring markets in Jordan also saw downward revisions, ranging between $20/ton and $100/ton, pressured by lackluster end-product demand and weak activities. "Demand is very poor and buyers are adopting a wait-and-see stance until they get a clearer vision," a trader based in Amman said.
The latest offers were at $1320-1350/ton for LDPE film, $1150-1170/ton for LLDPE C4 film, $1120-1130/ton HDPE film, $1140-1150/ton for HDPE b/m and inj., $1190-1210/ton PPH raffia and inj., $1220-1250/ton for PPH fibre and film, all on CIF Jordan basis.
September offers revised twice in Egypt
In Egypt, the major Saudi producer first announced modest decreases of $20/ton for PPBC inj., PPH film and fibre, and $70/ton for PPH raffia and inj. as compared to their August levels. The producer’s initial offers for HDPE and LLDPE C4 film grades were lower by $70-80/ton whereas LDPE film offers dropped by $150-170/ton from last month.
However, the producer revised their September offers by a total of $80-90/ton for PPH raffia and inj. and PP copolymers, $110-150/ton for PPH film and fibre, $50/ton LDPE film, and $90-110/ton for LLDPE C4 film and HPDE grades by mid-September.
The producer’s September offers were at $1150-1160/ton for HDPE film, $1140-1160/ton for LLDPE C4 film, $1170-1180/ton for HDPE inj. and b/m, $1300-1330/ton for LDPE film, $1050-1060/ton for PPH raffia and injection, $1090-1100/ton for PPH fibre and film, $1190-1220/ton for PPBC inj. and $1270-1320/ton for PPRC inj., all CIF, 90 days deferred payment.
Despite these new round of cuts, purchasing activities were almost at a standstill in Egypt, largely due to persisting a dollar shortage in the country. Challenges that traders continued to face in import trading also weighed on activities in Egypt.
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