Middle Eastern producers lift November prices to the Mediterranean

In Turkey, a major Middle Eastern producer’s November offers moved up by US$40-50/ton for PP raffia and fibre on CPT basis from early October levels, as per Chemorbis. Meanwhile, another regional producer issued US$30-50/ton increases on raffia offers and lifted fibre offers by US$50-60/ton. Based on the current Middle Eastern PP offers in China, which were announced with up to US$100/ton increases, a theoretical Middle Eastern raffia price comes to US$1415-1445/ton on CFR Turkey basis, after deducting US$40/ton freight from the Middle East to China and adding US$85/ton freight to Turkey from the Middle East. Meanwhile, Middle Eastern producers elected to raise their PE prices, too, with two producers lifting their HDPE film prices by US$120-150/ton compared to the beginning of October. Another regional producer’s new HDPE prices show US$30-40/ton increases on FCA basis when compared to their most recent offers reported in the previous week. For LLDPE film, a Middle Eastern producer elected to raise their prices by US$60/ton on CFR basis. Looking at the current Middle Eastern HDPE and LLDPE film prices in China, theoretical Middle Eastern prices to Turkey come to US$1345/ton and US$1365-1395/ton, respectively on CFR Turkey basis. In Egypt, Middle Eastern producers also followed a similar firming trend which was in line with the market’s expectations. Accordingly, three Middle Eastern producers approached Egypt’s PP market with US$40/ton increases while a major regional seller elected to issue US$35-45/ton increases on their November PP raffia offers on CIF cash equivalent basis. In the PE market, one producer revealed their November offers, so far, while the producer’s new offer levels indicate a US$30/ton increase for LDPE film, a $60/ton increase for LLDPE film and a US$50/ton increase for HDPE film on CIF Alexandria, 90 days deferred payment basis. Now, the rest of the regional producers are awaited to approach the country with similar hikes amounts. Overall polymer demand reportedly shows some improvements in both the PP and PE markets in the country while some comment that the recent increases as well as the fears regarding further hikes played a role in this recovery.
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