- A Chinese trader contacted by SSESSMENTS.COM informed that local producers adjusted down PP offers to attract buyers even tough the logistics and transportation in China are still out of service. Market talks have it that the lowest offers for local PP Homo Raffia in the market are at CNY6,950/ton ($992/ton)-level; hence, the import offers are not workable at the moment. Moreover, the trader stated that buying sentiment remains sluggish. The market has yet to recover; some converters decided to prolong holiday for a week until February 17. The trader opined that once the market recovers, the digestion rate of the two leading polyolefins producers in the country will be fast as the inventory level at the converters’ end is low. However, chances for a price rebound remain slim as the high inventory level at the two leading producers will hinder upward adjustments in prices.
- SSESSMENTS.COM noted that May 2020 PP futures on the Dalian Commodity Exchange decreased by CNY58/ton ($8/ton) week on week, settling at CNY6,851/ton ($978/ton) by Monday settlement.
Tags: Asia Pacific,China,DailySSESSMENTS,English,EN PP CHINA DSS,Northeast Asia,Polypropylene (PP) China PP price,PP priceFebruary 10, 2020 3:28 PM