Saudi major’s PP, PE offers emerge in Mid-East and Africa
In the United Arab Emirates, players received new August PP and PE offers from a Saudi major with rollovers for homo PP and LDPE film and decreases of around $30/ton for LLDPE and HDPE film when compared to July. According to players, supplies are ample and players are placing lower bids. Prices are negotiable and discounts are expected to pass on deals.
In Lebanon, a manufacturer was offered new PE offers with rollovers to decreases of up to $40/ton from the previous month. “New offers are reasonable while demand is moderate. We are expecting buying interest to improve before the upcoming Eid-al-Adha holidays,” said the converter.
In Jordan, a converter reported that the Saudi Arabian producer maintained its new PP offers at July levels for August while lowered its PE offers by $40-60/ton on a monthly basis.
In Egypt, a film maker reported to have concluded some PP, PE deals for August with its Saudi supplier with decreases of $10-30/ton from July. “The supplier has claimed to have limited supplies this month and that’s why, they didn’t concede to large discounts,” he said.
In Algeria, the Saudi Arabian major started to seek rollovers for PP and PE from July. A trader who already projected to hear steady prices on the month stated, “We are waiting to see if lower done deals could be achieved amid the stagnant market sentiment.”
In Tunisia, some buyers received €50/ton decreases for the new PE offers of the Saudi major. A buyer even claimed to have obtained further discounts in deals.
In Kenya, a PP buyer concluded deals with the Saudi major at mostlyrollovers. “We received mostly flat levels from Saudi Arabia. We are still facing slow end demand amidst upcoming elections and a plastic bag ban that took effect by August 4,” he complained.
“Supplies are ample whereas demand remains limited. We are not considering securing new cargoes nowadays given our sufficient stock levels. We are not sure if the softening trend will persist in September as European demand will improve after summer holidays and this might pave the way to price hikes,” commented the buyer.
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