PE downturn continues in China as demand stays weak.
• Yuan devaluation hurts import demand
• CIF China offers down further by $5-20
• LLDPE, HDPE hit a fresh decade low
• Local polyolefin supplies still high
• LLDPE futures drop CNY140 in the last two sessions
• Mid-Eastern PE ($/ton): HDPE film 960-1000 | LDPE film 970-1000 | LLDPE film 890-930 CIF
Waning demand pushes PE prices lower in SE Asia.
• Import prices drop further by $20-50
• Buyers expect further reductions
• Local markets also down
• Ample supplies weigh on sentiment
• Mid-Eastern PE ($/ton): HDPE film 950-1000 | LDPE film 980-1000 | LLDPE film 900-940 CIF
• US PE ($/ton): HDPE film 900-930 | LDPE film 930-950 | LLDPE film 900-930 CIF
Downtrend comes to an end in Italy’s PE market for Aug.
• PE opens Aug on a stable to firmer note
• Producers announce small hikes on their contract prices
• Spot PE is offered with rollovers from distributors
• A few PE deals have been closed at stable levels
• Early voices emerge for a firmer September
• Local spot (€/ton): LDPE film 980-1060 | LLDPE film 980-1050 | HDPE film, b/m 1030-1140 FD
Aug PE offers emerge stable to slightly firmer in Europe.
• European producers issued small hikes
• Spot PE prices remained unchanged
• PE deals are likely to be closed at stable levels
• Early voices for Sept surface firmer
• Weak PE fundamentals weigh on the market
• Local spot (€/ton): LDPE film 1000-1090| LLDPE film 1000-1060 | HDPE film, b/m 1040-1150 FD | HDPE inj. 1020-1140 FD
Turkey’s PE market entering holiday on a weak note.
• More Mid-East suppliers issue Aug drops
• Competitive US PE exerts pressure on sellers
• Slightly higher European C2 fails to boost demand
• China’s PE market weaken on trade tension, lower futures
• ChemOrbis Wizard: Crude prices plunge by 7-8% in a week
• US ($/ton): LDPE 960-970 | LLDPE 910-925 | HDPE film 890-920 CIF
• Mid-East ($/ton): LDPE 970-990 | LLDPE 930-940 | HDPE film 960-980 CIF
• Local ($/ton): LDPE 1285-1345 | LLDPE 1200-1270 | HDPE film 1300-1350 inc VAT
August PE offers surface steady to soft in the Mid-East.
• Prices roll over or decrease SAR37 in S. Arabia
• Local producer keep offers steady in UAE
• Steady-to-soft trend prevails in East-Med
• Purchases tied to need basis
• Demand retreats before Eid holiday
• Local PE in S. Arabia ($/ton): LDPE 1010-1020 | LLDPE 960-970 | HDPE 1010-1030
• Import PE in UAE ($/ton): LDPE 1040-1050 | LLDPE 1020-1060 | HDPE 1040-1050 CIF
Egypt’s import PE market tracks flat-to-soft trend ahead of Eid.
• Local offers flat to EGP200-500 softer
• Discounts obtainable on deals
• Limited activities ahead of Eid holiday
• Current trend likely to extend into end of Aug
• Import offers($/ton): HDPE 1010-1040 | LDPE 1000-1040 | LLDPE 940-1000 CIF
Aug PE offers see rollovers to decreases on weak activities in Africa.
• Weak activities persist across the continent
• ELEME’s offers lower by around $41-55
• More producers expected to follow similar pricing strategies
• Rebound in C2 costs fail to support prices
• Import PE in Morocco ($/ton): LDPE 1069| LLDPE 952 CIF
• Import PE in Kenya ($/ton): LDPE 1130 | LLDPE 1030| HDPE 1070-1080 CFR
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