Saudi Arabia PE offers see $20/ton reduction in China

A Saudi Arabia producer has announced fresh weekly offers to China with $20/ton reduction from last week to $1270/ton for HDPE film and $  1120/ton for LDPE film, all based on CFR China, LC AS. 

Chinese buyers have not aggressively responded to the latest price adjustment and many plan to bid for another $20/ton discount on deal. Sources said that the price cut is very much in-line with expectation considering the pre-existing currency exchange rate condition and the need for overseas makers to deplete cargoes ahead of the year-end closing season.

“There must be some stimulations and price adjustment plays the best role now. Pre-holiday replenishment is not happening as strong as expected. We are still on the wait and see,” a local trader informed.