Tanzanian converter: We anticipate additional PP decreases
“July PP prices are indicating large decreases while we expect prices to witness another round of declines in August. Despite our additional decrease expectations, we still made some purchases at the current July levels as we still have some obligations to meet. Regarding the supplies of the major Saudi Arabian producer whom we purchased from, we are not really sure if they are comfortable or not. They gave us their offers but asked us to place orders within less than 48 hours. This request makes us think that they do not hold sufficient volumes. On the other hand, overall demand has been slowing down given the approaching elections in the country, which will take place in October. Apart from these factors, the local currency has been losing ground against the US dollar and the exchange rates indicate a volatile trend. These factors are also causing buyers to be cautious on their purchase amounts as they do not want to commit to large volumes,” added the converter.
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