Saudi major revises initial June PP, PE offers down to Egypt
According to the converter’s report, the major lowered their offers to $1330/ton for LDPE film, to $1300/ton for LLDPE c4 film, to $1230/ton for HDPE film, to $1260/ton for HDPE b/m, to $1280/ton for HDPE inj., to $1180/ton for homo PP raffia and inj. and to $1210/ton for film and fibre, all on CIF Egypt, 90 days basis.
“Demand has slowed further due to the beginning of the month of Ramadan. The major’s initial offers were quite high compared to other Middle Eastern producers’ new June offers, hence the supplier had to step back from their initial offers in line with expectations,” added the converter.
Meanwhile, some deals started to be concluded at levels below the revised offers of the Saudi major. A trader received new June offers from another Saudi producer with decreases of $30-40/ton for PE grades while it maintained their homo PP offers at May levels.
The trader concluded deals at $1220/ton for HDPE and LLDPE film on CIF Egypt, 90 days basis, adding that the producer’s new homo PP offers are reported unchanged at $1150-1160/ton with the same terms.
“We have good allocations for June; however, demand remains sluggish so far and we are not receiving many inquiries,” said the trader.
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