A trader operating in Jeddah reported, “We believe that the market state signals an even more bearish trend for January since a major local producer issued very noticeable decreases on their January offers. Generally, other local producers offer at a discount when compared to this major producer’s offers and their large decreases are likely to apply further pressure on prices and harm our margins even more.”
A Saudi converter, who underlined the comfortable supply situation, commented, “Supplies have been good in the market even in the absence of one of the local producers, who shut their plant for maintenance in October. The producer is set to restart their plant in mid-January.”