Southeast Asian PP, PE markets receive new offers for June
A Southeast Asian producer announced its June PP and PE prices to regional markets with decreases when compared to its May levels, cutting its offers by $50/ton and $40/ton respectively.
New June offers from the Middle East also indicated a softening path on a monthly basis. A Vietnamese trader reported that a Saudi Arabian producer cut its PE offers by $50/ton for HDPE and by $60/ton for LLDPE when compared to May. A trader operating in Singapore also reported that a Saudi producer lowered its offers by $30/ton for both PP and PE when compared to May.
According to a second trader in Singapore, a different Middle Eastern producer announced its June PP and PE prices to Southeast Asia with decreases. The producer reportedly lowered its new offers by $20/ton for HDPE, $30/ton for LDPE, $40/ton for LLDPE, $50/ton for PP random copolymer and $70/ton for PP block copolymer when compared to its May levels.
A global trader commented, “We think that allocation and delivery from the Middle East will slow down in June due to Ramadan. Sharp decreases in ethylene prices, which previously increased too much, may be a result of cracker restarts.”
A Vietnamese trader concluded deals for Kuwaiti HDPE film and Saudi LLDPE film at lower levels from May, opining, “Done deal levels continue to remain below initial offer levels. We are closely monitoring the developments in the nearby Chinese market nowadays.”
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