Saudi major reveals PP, PE offers to Mid-East, Africa
In Saudi Arabia, players reported that the producer’s new PP offers held steady. PE offers were rolled over as well except for HDPE film, which witnessed a small monthly decrease.
A converter in Saudi Arabia commented, “Demand remains dull as players are resuming their work after the end of the holiday across the country. The market may become fully functional only by next week.”
Players in Egypt, meanwhile, reported receiving initial October offers from the Saudi major with large increases. The increases in PE were larger than that of PP, according to buyers. However, buyers were surprised by the amount of hikes sought given the ongoing weak performance of demand. Prior to the holiday, there were some expectations of a possibly firmer trend, although the size of the increase requests made by the producer have exceeded their expectations.
“We will be waiting to hear local PP and PE producers’ offers as well as other regional producers’ new October levels before deciding on any new purchases,” said an Egyptian converter.
A buyer in Kenya reported receiving initial offers from the Saudi major with a modest increase of $20/ton this week both for PP and PE. The buyer reported that demand is tepid in the country and that the depreciating local currency reduces the appetite for stock replenishment from the import market.
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