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West African player reports new January PP, PE prices

by ChemOrbis Editorial Team -
  • 30/12/2014 (09:19)
In West Africa, a Nigerian distributor reported receiving new January PP and PE prices in the import market. The distributor received prices from South Korea and India and commented, “We received Asian suppliers’ new January prices but we are yet to receive new Middle Eastern offers. Nigeria’s local PP and PE producer ELEME is set to issue their new offers by this Thursday. We anticipate decreases from the producer when considering the softer global trend. Plus, following the decreasing oil prices, the Nigerian Naira has depreciated against the dollar and this situation resulted with stable offers from ELEME despite decreases expectations in December. So, the producer is expected to adjust their prices downward in January."

The distributor also highlighted that overall buying interest has weakened due to the Christmas and New Year holidays and added that players are unlikely to return to the market before the middle of next week. The distributor received Korean PPBC injection at $1300/ton, HDPE film at $1340/ton, LLDPE film at $1340/ton and LDPE film at $1360/ton on CIF Lagos, Nigeria, subject to 5% customs duty, cash basis. According to the distributor, PPBC and LDPE film prices indicate decreases of $230/ton and $210/ton, respectively, when compared to December. Meanwhile, the distributor also received Indian PP raffia and injection offers at $1100/ton with the same terms.

Meanwhile, another trader commented that the market is likely to be suspended until next week due to the Christmas and New Year holidays. “We are not expecting any trading activities at the moment. Players mostly highlight that the new announcements will not be revealed before the second week of January.”
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