Sentiment fails to improve in Feb across Mid-Eastern and African PP, PE markets
Saudi Arabia’s local market sees two different approaches
A major Saudi producer revealed new PP and PE offers to the local market with rollovers to slight increases of SAR38/ton ($10/ton) increases from January. The producer’s new offers left market players unfazed as markets were not expected to see large changes amid slow demand.
Following the major supplier’s lead, another producer announced similar hikes for February while a different Saudi producer’s new PP and PE were steady to SAR38/ton ($10/ton) softer from last month.
Local producer rolls offers for 2nd month in UAE
Players in the UAE received February offers from the Saudi major at stable levels from last month, or with small increases, amid ample supplies and moderate demand.
An Emirati distributor reported that a local producer offered with rollovers for the second month in a row and added that buyers are adopting a wait-and-see stance before engaging in fresh purchases.
Initial import offers indicate increases in Jordan
An end product manufacturer in Jordan reported that although the Saudi major increased offers by around $30/ton at the beginning of the month, some discounts were heard to spur buying interest.
The manufacturer stated a steady-to-firm trend might take place next month, in line with the firming sentiment across global markets. The source also added that they hope to see some improvement in the months leading up to Ramadan, when restocking activities usually pick up to some extent.
Mid-Eastern producers announce stable to lower prices in Lebanon
In Lebanon, the Saudi major held its offers for all PP grades unchanged from last month. Likewise, the producer’s PE offers remained mostly steady or saw decreases of up to $45/ton. Two other Middle Eastern producers also announced decreases of $10-15/ton for their new PP and PE offers.
Algerian buyers achieve lower deals for Feb
Despite the firming trend in other regional markets, the Saudi major concluded February deals with $30-50/ton decreases from January levels. Sellers were forced to negotiate their offers down as most Algerian buyers continued to procure material on a hand-to-mouth basis.
Nigerian ELEME cuts offers amid political instability
The local producer ELEME has announced its February offers with decreases of NGN10,000/ton ($28/ton) for PP raffia and injection, NGN20,000/ton ($55/ton) for HDPE inj. and NGN25,000 tons/year ($69/ton) for HDPE film and HDPE b/m while LLDPE c4 film offers held steady from January.
Meanwhile, a distributor received steady to higher prices from two Saudi producers. However, the source noted that buyers might be able to achieve lower deals given the unfavorable demand stemming from the approaching elections in the country.
Import PP, PE prices mostly steady in Kenyan markets
In Kenya, the Saudi major announced new PP and PE offers with mostly rollovers. A trader stated that end business demand has remained disappointing and that they expect prices to hover around their current levels until the end of the month.
Saudi major also seeks rollovers in South Africa
In South Africa, an agent offering on behalf of the Saudi major announced rollovers for PE grades and stated that no major improvements in buying appetite were seen compared to January.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- European PET demand soars, will it alleviate cost pressure?
- US PE pioneers aggressive prices globally, responding to energy slump
- Asian PS markets fall to lowest in more than a decade, ABS hits 4-year low
- Where will global PP prices head after crude saw 18 year-lows? Any clue from past?
- Economic fight against coronavirus: Policymakers take action across globe
- Downstream operations slacken amid virus-hit logistics, low demand in Europe
- Turkey's PP, PE markets brace for April drops, eyes on economy and logistics
- Crude in freefall; will PE markets’ reaction resemble 2016 or 2008
- Freight rates climb as coronavirus hampers global logistics
- A comparison of oil’s reflection on naphtha, ethylene between today and 2016, 2009