PP Saudi Arabia, $ / t
11 Aug '22
14 Jul '22
FOB Saudi Arabia
PP random copo
The Middle Eastern PP market has been uneventful this week. Saudi Arabian producers have decreased August domestic prices for all grades by $100/t. However, most Middle Eastern suppliers have been forced to sell at even lower quotes due to low buying interest from regular PE importers. Qatari, Omani and Saudi producers have preferred to sell less material to Turkey and Europe and sent their material to China and other Asian countries. Egyptian suppliers have been trying to push their zero-duty PP to Europe and Turkey, but it has been unacceptable for former because of near parity between EUR and USD, so the latter has been more preferable for them. Iranian players have been off the market due to national holidays in the country this week. Country’s producers have made no offers to either domestic nor export markets. PP availability has been adequate in the Middle East this week as most suppliers have made some stocks due to selling difficulties amid constantly lowering prices.
Domestic PP prices have lost $100/t month on month in Saudi Arabia. SABIC has quoted raffia/injection and fibre PP at $1,030/t CIF Turkey. Other Saudi producers and OQ have traded those grades at $1,100/t CIF Turkey. An Omani supplier has quoted fibre and raffia PP at $1,030/t CFR India and $980—1,000/t CFR India. Egyptian PP raffia/injection and fibre have been heard at $1,100/t DAP Turkey. Traders have been trying to sell Iranian raffia and fibre PP at $1,140—1,150/t CPT Turkey and $1,140—1,180/t CPT Turkey, failing to attract any buyers.
The Middle Eastern PP market will be stable next week. Export prices are likely to be unchanged or decline by a mere $10—20/t as the downtrend is slowing down. Many market participants believe that PP quotes have almost reached the lowest levels. Supply will be sufficient amid mediocre demand.
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