Initial Mid-Eastern offers emerge higher for February in global markets

31-Jan-11

Initial February PP, PE offers for Middle Eastern origins emerged in global markets, including China, Turkey and Egypt, as per Chemorbis. These new levels indicate increases for next month although there are only a few offers reported so far. In Turkey, a major Middle Eastern producer approached the PE market with higher February offer levels as their new HDPE film prices represent US$100/ton increases from their most recent January offers while their new LLDPE film offers are US$80/ton higher from last month. According to the seller, the availability is limited for the next month. Meanwhile, a buyer who received HDPE film offers from this producer reported planning to make new purchases as he expects the PE market to retain its firm trend for a while longer. On another note, another regional producer reported his sell idea with US$90-100/ton increases for HDPE film and US$70-90/ton hikes for LLDPE film when compared with their most recent offers reported at the beginning of the month. In China, a global producer issued US$20/ton increases on their Middle Eastern HDPE film offers for February shipment cargoes. The producer highlights feeling free from stock pressure while feeling confident that their regular customers will purchase from them in order to maintain their trading relationships. Meanwhile, another global producer who was not in the PE market for a while, revealed their new February prices at higher levels while highlighting the fact that their quota amount is very limited for February. The seller has also managed to conclude some sales at their new prices, albeit in small volumes. In Egypt, initial PP and PE offers were also revealed by a pioneering Middle Eastern producer with US$30-50/ton increases for PP raffia and US$50-80/ton increases for PP injection. Meanwhile, their February shipment HDPE film prices indicate US$20/ton increases when compared to the most recent January transactions. The trader, offering on behalf of the producer reported not offering actively in the market as they first want to hear the prices of the other regional producers.