West and East African players receive October PP, PE prices
According to him, Middle Eastern HDPE film prices stand at $1280/ton while LDPE and LLDPE c4 film prices are at $1260/ton. The trader received Southeast Asian HDPE film at $1350/ton, PPBC injection at $1235/ton and PP raffia and injection offers at $1170/ton. He also received an American HDPE film offer at $1255/ton, LDPE film price at $1270/ton and LLDPE film offer at $1260/ton. All offers are given on CFR Lagos, Nigeria, cash subject to 10% customs duty.
“The Middle Eastern PE offers we received indicated rollovers from September levels while our Southeast Asian supplier issued increases, pointing to the higher upstream costs in that region. However, demand in Nigeria performs slowly and it is even slower for import cargoes given the ongoing difficulties when trying to open letters of credit at banks. Plus, there are still currency issues as the Nigerian naira continues to lose ground against the American dollar. This situation causes the biggest part of the buying interest to be directed to the local market rather than to the import market. For this reason, ELEME could issue some increases next month although they lowered their October prices amidst weak demand,” commented the Nigerian trader.
In East Africa, a Kenyan film products converter reported receiving new October PE prices from a major Saudi Arabian producer with $20/ton increases from September. “However, discounts are possible in return for serious counter bids. In general, demand remains weak and we are not expecting a change in this situation until the end of the year. The Kenyan shilling continues to lose ground against the American dollar and this situation hinders import trade,” he added.
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