Middle Eastern producers announce March PP, PE prices

Middle Eastern producers started to reveal March PP, LDPE, HDPE and LLDPE film prices to the global markets including China, Turkey and Egypt, as per Chemorbis. In Egypt, this week, more Middle Eastern producers showed up following their absence during the political turmoil in February. A Middle Eastern producer, who was offering to Egypt during the social unrest, albeit in very restricted volumes, revealed their new March prices to the country with increases of US$100-120/ton for PP raffia and injection on CFR Alexandria, cash equivalent basis. Traditionally, Middle Eastern import offers are given with 90 days deferred payment terms to Egypt but after the political protests these payment terms turned to cash payment in many cases. Meanwhile, the same regional producer had announced their initial March HDPE film prices with US$90/ton increases although they revised down their hike amount towards the end of last week by US$30/ton to US$60/ton. Another regional producer returned to Egypt’s market with new March PP and PE prices following their absence during the protests in February. The producer’s new offer levels indicate US$180/ton increases for PP raffia and injection compared to their most recent offers reported in January while their LDPE film prices are up by US$110/ton, LLDPE film is higher by US$120/ton and HDPE film is firmer by US$140/ton when compared to the same period. This producer, too, elected to offer on a CIF, cash payment term instead of with deferred payment terms. On the other hand, a major Middle Eastern producer returned to Egypt with their new March PP and PE prices with the usual 90 days deferred payment basis. The producer’s new PP film, raffia and injection prices indicate US$190/ton increases from their most recent January levels as they also stayed away from Egypt’s polymer market during February. Meanwhile, their HDPE film prices are US$140/ton, LDPE film prices are US$110-130/ton and HDPE blow moulding and LLDPE film prices are US$130/ton above their most recent January levels. In China, a global producer revealed their March sell idea for Middle Eastern PP raffia and injection with US$20/ton increases with respect to their most recent February offers although later on they conceded to lower their prices by US$30-40/ton in order to conclude deals. Meanwhile, another Middle Eastern producer issued US$90/ton increases on their PP raffia and injection prices while raising their PP block copolymer offers by US$70/ton. This producer underlined that their March quotas spared for China are below their normal levels at 5000 tons since they could achieve better margins when diverting their cargoes to other overseas markets. In the PE market, a global producer almost sold out limited LDPE and LLDPE film quotas of around 3000 tons with US$20/ton lower prices for LDPE when compared to end February shipment prices. The producer’s March LLDPE film transactions indicate a rollover from last month. A Middle Eastern producer initially announced their March HDPE film offers with US$30/ton increases to China but later on revised down their hike target by US$10-20/ton on the back of the weak buying interest and their sales pressure. Meanwhile, the producer’s current LLDPE film offers indicate $20/ton decreases with respect to their initial March prices due to the same reasons. A different Middle Eastern producer’s March prices in China represent $10/ton increases for HDPE but US$20/ton decreases for LLDPE c4 film on CFR China, cash basis. Meanwhile, in Turkey, Middle Eastern LDPE film prices were announced with US$20-50/ton increases while a global producer reported already selling out their limited March quotas for this particular product. In the LLDPE film market, offers announced so far indicate US$30-50/ton increases while HDPE film prices from the regional producers represent US$40/ton increases on CFR/FCA, Turkey basis. In all three of these global markets, Middle Eastern producers highlight the same issue, that they have limited quantities for March.
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