- Following the uptrend in the futures market, a Chinese trader adjusted up local PP offers for this week. As compared to last Thursday’s level, the trader initiated a price increase of between CNY400-500/ton ($56-70/ton) for local PP Homo Raffia cargoes. The latest offers from the trader are available between CNY6,800-7,450/ton ($959-1,050/ton) on cash, EXW China basis and including 13% VAT. As of Tuesday, April 7, SSESSMENTS.COM noted that September 2020 PP prices on the Dalian Commodity Exchange surged by CNY183/ton ($25.7/ton) as observed at 1:30 PM GMT+8, open at CNY6,430/ton ($906/ton) by morning trading session.
- From the import market, a China-based trader reported on receiving import PP Homo Raffia offers from Vietnamese traders. The latest offers are available at $30/ton higher than the offer level available in the previous week, captured at $810/ton on LC at sight, CFR China Main Port basis. In the domestic market, the trader revealed that most traders adjusted up local PP Homo Raffia offers between CNY200-250/ton ($28-35/ton) from last Friday’s levels. However, the trader foresees that the price uptrend will be unable to sustain considering higher inventory levels in the domestic market.
