RIYADH, (Reuters) – Saudi Basic Industries Corp. (SABIC) has cut November prices for polypropylene and polyethylene by 35 percent versus the previous month due to weakening demand, a Saudi newspaper reported on Monday.
SABIC, the world’s largest chemicals firm by market value, was not immediately available for comment. It was not immediately clear how significant these two products are for the company’s business.
SABIC’s financial statement does not provide a breakdown of its products sales.
SABIC posted its first decline in quarterly net profit in more than two years in the third quarter, and chief executive officer Mohammed Al-Mady said the firm must keep costs at a minimum given the current global turmoil.
The company has said the expected global recession might lead to a decline in demand for products in most of the international markets, in an apparent reference to its own products.