Saudi producers announce initial March PP, PE offers to Egypt

Players in Egypt received new PP and PE offers from a Saudi major with rollovers from February levels while another Saudi producer announced hikes ranging between $20-120/ton for March.

Accordingly, the Saudi major’s March offers remained unchanged at $1190/ton for PP raffia and inj., $1220/ton for PP fibre and film, $1280/ton for PPBC inj., $1330/ton for PPRC inj. and $1380/ton for PPRC type 3, $1220-1250/ton for HDPE pipe, $1190/ton for HDPE film and b/m, $1210/ton for HDPE inj., $980-1030/ton for LLDPE c4 film and $1010-1030/ton LDPE film, all on CIF Suez, 90 days deferred payment basis.

A plastic end product manufacturer stated that they expect to conclude this month’s business at lower levels compared to the initial levels and another converter reported that they started negotiations with the major producer to reach lower deals. The converter also added supplies are comfortable.

Meanwhile, another Saudi producer’s March offers indicated increases of $100-120/ton for LDPE film, $40-50/ton for PP raffia and inj., and $20-40/ton for PPBC inj. when compared to its February prices, bringing its latest prices to $1120/ton for LDPE film, $1170-1180/ton for PP raffia and inj., and $1220/ton for PPBC inj., all on CIF, Suez, 90 days deferred payment basis.

"Buyers were limiting their purchases to their basic needs over the past period, but inquiries have increased as buyers are now looking to start building stocks for Ramadan," a source noted.