Saudi major seeks mostly rollovers for PP, PE in Mid-East, Africa
Converters in Turkey reported receiving new PE prices from the Saudi producer with rollovers for LLDPE and slight gains for HDPE amidst the already poor netbacks compared to other markets. At the time of the publication, no PP prices have been out from the source regarding December. The country’s PE market followed a mostly stable trend this week between the dampened year-end activity and restricted supplies from the Mid-East and Iran.
In United Arab Emirates, meanwhile, the Saudi supplier maintained its price levels for PP raffia, injection, HDPE and LLDPE film, moving into December. Traders in the country stated, “Suppliers are keeping their offers stable amidst firm upstream costs and the lack of sales pressure despite disappointing demand.” Supply was sufficient and buyers placed lower bids, some players argued.
Buyers in Lebanon and Jordan received fresh offers from the producer with rollovers over November, as well. The producer kept its prices flat for homo PP grades, LDPE, LLDPE as well as HDPE film, inj. and b/m., except for a $30/ton cut for LDPE to Lebanon.
Looking at Africa, the Saudi major announced stable PP and PE offers to Egypt for December, while players think that deals might be concluded below these initial prices in the latter part of the month. Other regional producers followed suit while a different Saudi supplier applied decreases on both PP and PE. “Demand remains discouraging amidst the ongoing liquidity problems and slow end product demand,” participants reported.
The major also adopted a stable pricing policy for PP, PE in Algeria and Libya for the month. An Algerian buyer mentioned, “PP and PE prices did not change much for December while harsh economic conditions are hampering trading activity. We are limiting our purchases with our basic needs.”
The major’s prices to Tunisia were steady for LDPE, PP raffia and injection from last month, although they were up by €10/ton for PPBC injection and €40/ton for HDPE injection and pipe grades. A buyer in the country commented, "Sluggish demand is dominating the market these days. We don’t expect major price changes until the end of the year.”
In the meantime, players in Kenya were offered rollovers by the Saudi producer for PE, whereas the source adjusted its PP prices down by $20/ton. A buyer pointed to the slow demand particularly for HDPE film due to the plastic ban in the country.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Muted demand in Europe paves way for plenty of PP, PE offers in Turkey
- Import PE uptrend persists in China despite bearish winds mounting in local market
- 3-digit hikes in Oct PVC offers reinforce supply-driven bullishness in Asia
- Crude oil caught between demand woes and production disruption
- Tightness drives European PVC market up, prices near pre-pandemic levels
- Major LDPE markets touch multi-year highs on growing tightness
- A prospect for Q4 through uncharted waters of 2020 amid pandemic
- China's import PP markets maintain uptrend under shadow of oil-driven losses in Dalian futures
- Weaker domestic demand prompts Vietnam to export polymers
- European PP market ceases upward trend in September