According to SSESSMENTS.COM data, the leading Saudi polyolefins producer is still giving price quotation for PE cargoes to the China market, even though the company is running out of stock. This week, the producer announced a price increase of $40/ton to China for HDPE Film, while for LLDPE Film C4 were adjusted up by $10/ton as compared to the offer level available on April 8. The latest offers for both HDPE Film and LLDPE Film C4 from the producer have been rebounded to above $700/ton-threshold level, captured at $820/ton and at $720/ton, respectively on LC at sight, CIF China Main Port basis.
Moving to the feedstock sector, the producer acknowledged that the recent drop in crude oil prices has sent shockwaves through the global oil industry. On Monday, April 20, U.S. crude oil futures collapsed below $0 for the first time in history amid a coronavirus-induced supply glut. “Since crude oil prices have crashed into negative territory for the first time in history, we are actively assessing the risks and monitoring the situation in the market at the moment,” the producer said to SSESSMENTS.COM.
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NewsSSESSMENTS: Saudi PE Producer Announces May Shipment Offers To Southeast Asia Market
