A marketing arm of a Middle Eastern PE producer is expecting a recovery of the downstream market following eased restriction in Metro Manila. As of June 1, the status of Metro Manila has changed from modified Enhanced Community Quarantine (ECQ) to the General Community Quarantine (GCQ), which will allow more businesses to reopen. The source opined to SSESSMENTS.COM that if the status changed, the production rates at the downstream factories should improve. However, so far, no further information yet regarding these matters.
In terms of prices, SSESSMENTS.COM noted that currently, a local producer is not actively selling as the company is unwilling to adjust offers to meet local buyers’ expectations. In the import market, offers for Middle Eastern LLDPE Film C4 remain firm on the back of limited supply at the producer’s end. The offers are stable compared to last week, but as compared to a fortnight ago, the offers are $20/ton higher. Deals for these cargoes mostly achieved at the same level to the initial offers, however, the producer is giving $10/ton discount to some chosen buyers. Likewise, offers for HDPE Film and LDPE Film from the same origin remain unchanged from last week. For done deals, HDPE Film sold at the same level to slightly lower by $10/ton from the initial level, while for LDPE Film deals closed at $10/ton lower than the initial offer level. Demand-wise, overall PE demand in the Philippines is still slow, as such, at the moment, the source prefers to keep an eye on market movements as the outlook for PE prices remains cloudy.
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NewsSSESSMENTS: Middle Eastern PE Producer Has No Offers For Particular Grades To Philippines
