Ample local supplies dominate PE market in China.
• Import PE sees slight corrections
• Local polyolefin supplies remain above 900,000 tons
• LLDPE futures down further by CNY125 on week
• Crude oil hovers at around 6-month high
• Spot ethylene hits 3-month low in Asia
• Import dutiable PE ($/ton): HDPE film 1100-1160 | LDPE film 1080-1100 | LLDPE film 1030-1060 CIF
PE buyers stick to the sidelines ahead of May C2 settlement in Europe.
• PE spot business closed €30 higher
• May PE outlook remains firmer
• €30-50 hikes are projected for May C2
• Firmer upstream, some PE outages to support uptrend
• Local spot (€/ton): LDPE film 1080-1170| LLDPE film 1050-1120 | HDPE film, b/m 1150-1240 FD | HDPE inj. 1150-1230 FD
Italian sellers anticipate fresh increases for May PE.
• April business wrapped up €30 higher
• Players anticipate €30-50 hikes for May C2
• PE market is stagnant due to Easter festivities
• Firmer expectations supported by rising costs
• Oil prices soared to their highest levels in 6 months
• Local spot (€/ton): LDPE film 1070-1130 | LLDPE film 1030-1100 | HDPE film, b/m 1150-1250 FD
May PE outlook squeezed between costs and demand in Mid-East.
• April PE deals mostly steady compared to initial levels
• Players at odds over possible price increases for May
• Thin demand persists amid poor end product sales
• Local PE in S.Arabia ($/ton): LDPE 1030 | LLDPE 1020 | HDPE 1060-1090 FD
• Import PE in UAE ($/ton): LDPE 1090-1120 | LLDPE 1090-1110 | HDPE 1120-1150 CIF
May PE expectations hint at smaller hike attempts in Turkey.
• New Mid-East offers to emerge next week
• Weak TRY/USD dampens buying appetite
• Global PE markets quiet on some holidays
• Qatari producer partially restarts LDPE unit
• Any hikes beyond $10-20 seen unlikely for May
• US ($/ton): LDPE 1040-1050 | LLDPE 1020-1040 | HDPE film 1080-1110 CIF
• Mid-East ($/ton): LDPE 1050-1070 | LLDPE 1020-1080 | HDPE film 1120-1160 CIF
• Local ($/ton): LDPE 1415-1450 | LLDPE 1360-1420 | HDPE film 1420-1480 inc VAT
African PE players turn attention to May.
• New April PE prices firm in Algeria
• Deals concluded at initial flat-to-firm levels
• Political uncertainties hover on N.Africa
• Nigerian ELEME’s local offers unchanged
• Demand slightly improves, yet purchases limited
• Imports in Algeria ($/ton): LDPE 1130 | LLDPE 1060 | HDPE 1180 CIF
• Imports in Kenya ($/ton): LDPE 1140-1180 | LLDPE 1070-1090 | HDPE 1170-1190 CFR
Slow activity weighs on local PE prices in Egypt.
• Market players leave their desks for holidays
• Local prices see decreases of up to EGP1000
• Firm May outlook for import offers
• Local supplies comfortable for all grades
• Financial, political uncertainty affects purchases
• ImpCIF PE ($/ton): LDPE 1010-1110 | LLDPE 980-1050 | HDPE 1100-1210 CIF