Middle Eastern producers April offers to Egypt were well above the offers they asked in other global markets including Turkey and China, particularly for HDPE and LLDPE c4 film. As per Chemorbis, considering these higher than expected figures coupled with slow demand in the country, a step back was expected from the regional producers on their offer levels, as mentioned in last week’s Egypt PE Polymer Digest report.
Now, overall LDPE film offers came down by US$40/ton at the low end to US$1520-1600/ton CIF/FCA, 90 days deferred payment basis, while LLDPE c4 film prices are at US$1330-1400/ton on CIF, 90 days deferred payment basis, down by US$39/ton at the low end. The largest drop was seen in HDPE film offers of US$109/ton at the low end to US$1260-1400/ton with the same terms. Due to a Middle Eastern producer’s offer, which forms the low end of the range, indicates a US$100/ton decrease from their March levels. With these recent reductions, more done deals have started to be heard in the market and current import LDPE and LLDPE film offers are now offered with up to US$100/ton discounts when compared to the local market, where some players claim dwindling supplies, especially for locally held Middle Eastern origins. Also, some irregular origins emerged in the LDPE and HDPE film market for Iranian PE at US$1490/ton and US$1320/ton, respectively, on CIF Alexandria, 90 days deferred payment basis.