06 November 2013 17:00 [Source: ICIS news]
LONDON (ICIS)--While several African polyethylene (PE) producers targeted November price rollovers, some price ranges are facing downard pressure, sources said on Wednesday.
“We went in with a rollover, everyone tried [to roll over prices],” one producer said.
“Then there is downward pressure on prices, $10-20/tonne [€7-15/tonne] down. It depends whearabouts in Africa, Egypt is dodgy, [buying is] hand to mouth.”
Of two other producers targeting rollovers, one said it is too early for customers’ feedback, while another said buyers are accepting its prices.
However, distributors in north, east and west Africa cited slow demand and November prices decreasing by $10-50/tonne from the initial offer levels, depending on region and grade.
“Customers don’t need more volumes,” a distributor said.
“There is no big emergency to buy. It’s hand-to-mouth buying. In west Africa, it’s a bit too early to have a complete picture, but supply is important. PE and PP [prices] are down, depending on grades, at least $30-50/tonne down.”
($1 = €0.74)
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