- A Philippines trader informed SSESSMENTS.COM on the latest offers for PP cargoes in the country. For PP Homo Raffia cargoes, the localized offers of Southeast Asia origin remain stable on a weekly comparison, available between PHP62,000-65,000/ton ($1,223-1,282/ton) on cash, FD Philippines basis and including 12% VAT. This week, buying sentiment in the domestic market has slightly improved but most converters are still at a low production rate of below 50% from normal capacity. Some others are even unable to resume production due to lack of manpower and transportation issues. As such, the overall PP market remains slow this week.
- Meanwhile, a trader based in Vietnam reported to SSESSMENTS.COM that the offers for PP Homo Raffia from one of the local producers are available at more than VND1,000,000/ton ($42/ton) lower than other local producers’ offers. The trader cited that the producer is a newcomer in the Vietnam market with a recent start-up of PP plant, therefore the company is attempting to gain reputation. Hence, the producer is offering at such a level for only a short time as the trader heard that the producer has yet to receive any inquiries since Wednesday, May 21. At a later stage, the producer will likely adjust up their offers again. At the moment, 90% of the trader’s customers are asking for PP Homo Raffia cargoes from the producer. However, the trader is only purchasing from the producer for their own manufacturing consumption since they could not compete with such low prices for trading.
Click below to view related stories and content on PP:
DailySSESSMENTS: SEA PP Price 21st May 2020
DailySSESSMENTS: China PP Price 21st May 2020
DailySSESSMENTS: China PP Price 22nd May 2020
WeeklySSESSMENTS: SEA PP Prices Week Starting May 11
WeeklySSESSMENTS: China PP Prices Week Starting May 11
| Product | Price (USD) | Terms | Changes From Previous Trading Day (USD) |
|---|
| Brent | 36.06 | July Settlement | 0.31 |
| NYMEX | 33.92 | June Settlement | 0.43 |
| Naphtha | 267 | CFR Japan | 1 |
| Ethylene | 612-620 | CFR NEA | No Changes |
| Ethylene | 552-560 | CFR SEA | No Changes |
| Propylene | 783-789 | CFR China | 15 |
| Propylene | 733-739 | FOB Korea | 15 |
PP Homo Raffia on cash/credit term, FD basis, excluding VAT (except PHP term includes 12% VAT and VND term includes 10% VAT all equivalent in USD excludes VAT)
| Origin | Currency | Offers/ton | Equivalent in USD/ton |
|---|
| Indonesia | IDR | 13,700,000-14,000,000 | 929-949 |
| Southeast Asia | IDR | 13,500,000 | 915 |
| Malaysia | MYR | 3,800*-3,850* | 873-884 |
| Philippines | PHP | 67,000 | 1,180 |
| Southeast Asia | PHP | 62,000-65,000 | 1,092-1,145 |
| Thailand | THB | 29,000-29,500 | 909-925 |
| Vietnam | VND | 22,000,000-23,700,000 | 853-919 |
| Saudi Arabia | VND | 24,000,000 | 930 |
| Thailand | VND | 23,800,000-24,000,000 | 923-930 |
Description: *Offers on 30 days credit term
Import on LC at sight, CIF Southeast Asia main port basis
| Origin | Product | Offers (USD/ton) |
|---|
| Far East Asia | PP Homo Raffia | 850 |
| Indian Subcontinent | PP Homo Raffia | 800-820 |
| Middle East | PP Homo Raffia | 780-840 |
| Southeast Asia | PP Homo Raffia | 850-915 |
Tags: Asia Pacific,Daily,English,PP,SEA
Published on May 22, 2020 12:16 PM (GMT+8)
Last Updated on May 22, 2020 12:16 PM (GMT+8)
