NewsSSESSMENTS: Global Polyethylene Digest: Africa, Australia, Bangladesh, China, India, Indonesia, Italy, Malaysia, Pakistan, Philippines, Saudi Arabia, Thailand, Turkey, Vietnam Week 2, January 10-14

Africa

• An African producer announced the polyethylene (PE) price list with a downward correction of NGN20,000/ton ($/ton) for LLDPE Film C4 cargoes, while HDPE Film cargoes remained at a stable level, with effect January 1, 2022
• Re-export Saudi HDPE Blow Moulding cargoes from a Chinese trader emerged in Angola market at $1,730/ton on LC at sight, CFR basis, with no price comparison disclosed
• Market talks had it that deals for Indian HDPE Yarn cargoes were concluded at $1,550/ton-level on CFR Mombasa Port basis

Australia

• Import offers for HDPE Blow Moulding of the US origin to Australia plunged by $90/ton on a monthly comparison, with cargoes being shipped from Port Klang, Malaysia
• A Thai polyethylene (PE) producer decided to roll over its HDPE Pipe Black (100) offers to the Australia market as compared to last month’s level due to the firm feedstock prices, captured between $1,280-1,300/ton on LC at sight, FOB basis
• The overall buying sentiment in Australia’s polyethylene (PE) market was considered weak as most buyers were still on a holiday mood, coupled with the soaring Omicron cases which led to a shortage of manpower

Bangladesh

• Import offers for LLDPE Film C4 from India posted an upward adjustment of $40-50/ton compared to the level seen a fortnight ago
• Demand for polyethylene (PE) resins in Bangladesh gradually improved as market players returned to the market to restock their inventory, citing fewer purchases in the previous month 
• Most suppliers were expected to seek opportunities to increase their offers in a bid to gain as many profits as possible before the emergence of Omicron variant disrupting polyethylene (PE) demand in the country

China

• Offers for local polyethylene (PE) across all grades declined by CNY100/ton ($16/ton) on the weekly comparison 
• Market sources in China reported that China’s Heilongjiang Haiguo Longyou Petrochemical run its 400,000 tons/year HDPE/LLDPE swing plant at a reduced rate, around 70-80% since October 2021 due to the shortage of feedstocks
• The leading Saudi polyolefins producer opted to raise its HDPE Film and LDPE Film offers to China by $10/ton on a biweekly comparison

India

• Offers for local LDPE Film and LLDPE Film C4 cargoes fell by INR3,000/ton ($40/ton), while for HDPE Film down by INR2,000/ton ($27/ton), all on the weekly comparison
• Demand for polyethylene (PE) resins turned to the bearish lane as the market lost its steam due to the rising cases of the Omicron virus, causing buyers to halt their procurement activity
• Market players foresaw that upcoming polyethylene (PE) prices in the local market would drop further between INR1,000-1,500/ton ($13-20/ton)

Indonesia

• Import offers for LDPE Film of South Korea origin fell by $20/ton on January 11 compared to the previous week’s level; later on January 14, the offers rebounded by $60/ton from the previous level, standing at $1,540/ton on LC at sight, CIF basis
• On a monthly comparison, a Thai polyolefins producer applied an increase of $30/ton on its HDPE Film offers to the Indonesia market
• An Indonesian polyethylene (PE) producer adjusted down its price list between IDR100,000-700,000/ton ($7-49/ton) across all grades compared to the level seen on December 23, 2021

Italy

• Offers for localized European LDPE Film cargoes surfaced between EUR1,680-1,700/ton ($1,918-1,940/ton) on cash, DDP basis, and excluding 22% VAT, with no price comparison disclosed
• On the logistics front, some sources reported that logistics in the European market was still considered bad as materials from outside the region were still facing difficulties to enter the market
• Polyethylene (PE) prices in the European market are predicted to be under pressure once trading activities in the key China market have fully resumed after the holiday

Malaysia

• Offers for Middle Eastern LDPE Film and LLDPE Film C4 cargoes dropped by $10-20/ton and $20/ton, respectively, on a weekly comparison
• Import offers for HDPE Blow Moulding of Middle East origin to Malaysia climbed between $30-40/ton compared to the previous week’s level
• Although the overall buying sentiment was considered weak, a Malaysian polyolefins producer managed to sell out all of HDPE Film allocations due to limited supply stemming from reduced production rate

Pakistan

• The leading Saudi polyolefins producer opted to trim its LDPE Film offers for January shipment by $100/ton compared to a month earlier
• Import LDPE Film offers of Qatar origin emerged at a stable level from last month, with deals achieved at the initial offer level, at $1,570/ton on LC at sight, CFR basis
• Import LDPE Film offers from a Saudi producer decreased by $50/ton on a monthly comparison, with deals wrapped up at $20/ton lower than the initial offers, at $1,580/ton on LC at sight, CFR basis

Philippines

• A Malaysian polyolefins producer announced fresh polyethylene (PE) price list with a downward adjustment of between $10-30/ton across all grades compared to the price list released in mid-December 2021
• The leading Philippines polyolefins producer decided to further slash its local HDPE Film and LLDPE Film C4 offers by PHP1,000/ton ($20/ton) on a weekly comparison due to the prolonged sluggish demand
• Import HDPE Pipe Black (100) offers of Thailand origin to the Philippines hiked by $40/ton on a weekly comparison

Saudi Arabia

• Local offers for HDPE Film and HDPE Blow Moulding cargoes stood at $1,320/ton and $1,380/ton respectively, on cash, EXW basis, and excluding 15% VAT, with no price comparison disclosed
• A Saudi trader received price quotation for LLDPE Film C8 cargoes from a local producer between $1,620-1,700/ton on cash, EXW basis, and excluding 15% VAT, yet no deals concluded or bids submitted so far
• Some market sources predicted that the Middle Eastern producers might not trim their upcoming polyethylene (PE) offers as suppliers could still sell their materials at a high level to Europe

Thailand

• Fresh offers for LDPE Film and LLDPE Film C4 from a local producer posted increments of THB1,000/ton ($30/ton) and THB500/ton ($15/ton) respectively, on a weekly comparison
• Some traders marked up local polyethylene (PE) offers by THB500/ton ($15/ton) from the producer’s price list
• The availability of HDPE Film materials on the local producer’s side was reportedly limited, and the delivery would be delayed until mid-January

Turkey

• The latest import offers for LDPE Film of Europe origin emerged with a sharp reduction of $150/ton on a monthly comparison, yet still considered too high to be workable
• Turkish buyers expressed their buy ideas for Saudi HDPE Film cargoes at $250/ton below the prevailing offers
• A local trader received offers for import HDPE Blow Moulding from Europe at EUR40-60/ton ($46-68/ton) lower than the offer level seen last month

Vietnam 

• Import offers for HDPE Film from a South Korean producer gained some ground by $10/ton from last week’s level
• A Malaysian producer decided to apply different adjustments on its offers to the Vietnam market; offers for HDPE Blow Moulding increased by $10/ton, while LDPE Film offers dipped by $30/ton, all on a monthly comparison
• Import offers for LLDPE Film C4 of South Korea and Saudi origin went up between $30-40/ton compared to the level seen at the end of December

Tags: All Markets,AlwaysFree,Digest,English,News,PE