Sellers in Africa stepped back from Aug offers for Saudi PP, PE
In Nigeria, initial PE offers for August had emerged with rollovers and PP offers came with $50-80/ton hikes for PP. Now Saudi major’s LDPE and LLDPE film prices were cut down by $20/ton to be reported at $1280/ton and $1160/ton on CFR Lagos, cash basis, respectively while the producer’s prices for HDPE film and homo PP inj. and raffia indicate larger discounts of up to $40/ton, according to a trader. Accordingly, late August HDPE film offers are at $1160/ton and homo PP inj. and raffia prices stand at the same level of $1150/ton with the same terms.
The trader noted, “In West Africa, the fluctuating parity continues to hinder smooth sales in the import market. The naira’s depreciation against the US dollar makes the local market more competitive in Nigeria, where ELEME rolled over its offers for August. ”
According to a buyer in Nigeria, demand is slow and purchases are limited. He also said, “We expect prices to track a stable to softer trend, although the outlook is not clear yet in the midst of the economic unrest and the fluctuating exchange rates in the country.”
A trader in Kenya also cut the producer’s offers to Tanzania by $60/ton for HDPE film and by up to $70/ton for homo PP inj. and raffia. The supplier’s offers are currently standing at $1140/ton for HDPE film, $1190-1200/ton for LLDPE c4 film, $1270/ton for LDPE while PP offers are reported at $1120-1130/ton, all on CFR, Dar es Salam, United Republic of Tanzania, 90 days deferred payment basis. A buyer from Tanzania reported that demand started to ease down in line with the fading agricultural season.
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