Market sources notified SSESSMENTS.COM regarding the shift in import PP price trend to China and Vietnam market. A Chinese trader stated that the company received PP Homo Injection and PP Homo Raffia offers of Vietnam origin at $820/ton and $810/ton respectively on LC at sight, CFR China Main Port basis, an increased of more than $30/ton over a week. The trader explained that foreign traders are taking advantage of the momentum as local PP prices in China have generally increased between CNY200-300/ton ($28-42/ton) compared to last Friday’s level.
Another trader in China informed SSESSMENTS.COM that the offers for Indian PP Homo Raffia increased significantly between $50-60/ton from last week. Market talks have it that the offers for Indian PP Homo Raffia are available at $740/ton on LC at sight, CIF China Main Port basis. Buyers were submitting bids at $20/ton lower from the initial offer level, but rejected by the supplier.
Similarly, despite the Vietnam market is muted as many converters already halted production following a 15-day period of isolation nationwide that started on April 1 and with possible full lockdown to be imposed soon, some sellers still attempted to offer PP cargoes at a higher level. A trader revealed to SSESSMENTS.COM that the company received offers for Indian PP Homo Raffia cargoes with an increase of $20/ton from last week due to some rebound in crude oil prices. Likewise, a second source also stated that offers for Chinese PP Homo Raffia cargoes up by $20/ton.
Looking ahead, several traders in China expressed opinion to SSESSMENTS.COM that the current uptrend for import PP prices to China will be short-lived owing to high inventory in the domestic market. While in Vietnam, a trader predicts that market conditions will remain bearish for the next two or three weeks and PP prices will most likely remain stable at the current level.
Import PP offers on LC at sight
Tags: Asia Pacific,China,English,NEA,News,PP,SEA,Vietnam
Published on April 7, 2020 5:48 PM (GMT+8)
