News Code : 42530
⚫Mid-Eastern sellers insist on PE hikes in SEA despite demand.
• Resistance built on buyers’ side
• US PE continues to provide competitive edge
• Ethylene rebounds after seeing large declines
• Crude oil futures firmer
• Local PE markets chasing a firm path
• Mid-Eastern PE ($/ton): HDPE film 1080-1130 | LDPE film 1050-1090 | LLDPE film 1030-1070 CIF
• US PE ($/ton): HDPE film 1020 | LDPE film 1020 | LLDPE film 1000-1020 CIF.
⚫Overseas PE suppliers’ hike attempts meet with resistance in China.
• Import PE stable to slightly up
• Demand from converters remains thin
• Ample supplies weigh on sentiment
• LLDPE futures down CNY80 on week
• Spot ethylene rebounds after hefty drops
• Import dutiable PE ($/ton): HDPE film 1090-1170 | LDPE film 1040-1060 | LLDPE film 1040-1090 CIF.
⚫March PE deals mostly match C2 hike in Europe.
• €30 increases are passing on March deals
• Only a few sellers achieved €40 hikes so far
• Hike requests of €50 did not find acceptance
• Low demand, ample supply hindered larger hike attempts
• PE prices are not expected to post major changes for H2 March
• Local spot (€/ton): LDPE film 1030-1120| LLDPE film 1010-1100 | HDPE film, b/m 1110-1200 FD | HDPE inj. 1110-1190 FD.
⚫Weak demand, ample supply limit increases on March PE in Italy.
• Initial PE deals closed mainly with €30 hikes
• Sellers’ initial hike attempts of €50 fail on weak fundamentals
• LDPE prices face more pressure, €20 hikes pass on a few deals
• PE prices expected to remain on their current levels for H2 March
• Early voices for April are stable to firmer
• Local spot (€/ton): LDPE film 1030-1100 | LLDPE film 1000-1090 | HDPE film, b/m 1130-1200 FD.
⚫Mid-Eastern players receive March PE offers steady to higher.
• Saudi major’s March offers to local market roll over
• Emirati producer also keeps local prices unchanged
• Supplies sufficient across the region
• Buyers aim for discounts on limited demand
• Local PE in S.Arabia ($/ton): LDPE 1020 | LLDPE 1010 | HDPE 1069-1070 FD
• Import PE in UAE ($/ton): LDPE 1090-1100 | LLDPE 1050-1080 | HDPE 1120-1150 CIF.
⚫Turkey’s local PE market reaches 3-month high.
• LDPE, LLDPE firmer on limited Mid-East volumes
• American PE prices remain sporadic
• Iranian sources out of market ahead of Newroz
• Saudi major steps back for HDPE film on resistance
• US ($/ton): LDPE 1020-1030 | LLDPE 1010-1020 | HDPE film 1050-1070 CIF
• Mid-East ($/ton): LDPE 1030-1050 | LLDPE 1010-1040 | HDPE film 1080-1110 CIF
• Local ($/ton): LDPE 1415-1450 | LLDPE 1370-1420 | HDPE film 1420-1480 inc VAT.
⚫Africa’s PE markets receive steady to softer offers for March.
• ELEME rolls over March offers
• Ample supplies, poor demand pressure markets
• Discounts expected amidst lower costs
• Imports in Nigeria ($/ton): LDPE 1080-1130 | LLDPE 1030 | HDPE 1170 CFR
• Imports in Kenya ($/ton): LDPE 1100 | HDPE 1130-1180 CFR
⚫More Mid-Eastern suppliers unveil March PE offers to Egypt.
• Sluggish demand, ample supplies weigh on local market
• Local HDPE film, b/m prices down by EGP100-500
• New Mid-Eastern offers surface at relatively competitive levels
• Buyers place lower bids, suppliers show resistance
• Import PE ($/ton): HDPE 1100-1190 | LDPE 1010-1070 | LLDPE 980-1030 CIF