- A Thailand-based trader provided details to SSESSMENTS.COM on the latest PP market updates. According to the trader, Thailand's government plans to invoke an emergency decree on March 26, to impose stricter measures to control the Coronavirus outbreak. The emergency decree will pave the way for government orders, including censoring media, curfews, and the potential restriction of domestic travel. The trader noted that this situation will have a more negative effect on the logistics industry. In terms of prices, the trader opted to roll over offers for local PP Homo Raffia cargoes from a week earlier. The latest offers from the trader are available at THB30,500/ton ($928/ton) on cash, FD Thailand basis and excluding 7% VAT, with some deals achieved at the initial offer level.
- Whereas in Vietnam, a local trader adjusted down local PP offers due to sluggish demand. As compared to last week’s level, the trader applied a hefty reduction of VND1,000,000/ton ($42.6/ton) for local PP Homo Raffia cargoes despite the depreciation of Vietnamese Dong against the greenback. The latest offers from the trader surfaced in the market at VND23,500,000/ton ($1,002/ton) on cash, FD Vietnam basis and including 10% VAT.
| Product | Price (USD) | Terms | Changes From Previous Trading Day (USD) |
|---|
| Brent | 27.15 | May Settlement | 0.12 |
| NYMEX | 24.01 | May Settlement | 0.65 |
| Naphtha | 287 | CFR Japan | 3 |
| Ethylene | 547-555 | CFR NEA | No Changes |
| Ethylene | 528-534 | CFR SEA | No Changes |
| Propylene | 693-699 | CFR China | -10 |
| Propylene | 673-679 | FOB Korea | -20 |
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 | 14,870,000-15,200,000* | 911-931 |
| Southeast Asia | IDR | 14,870,000*-15,700,000* | 911-962 |
| Malaysia | MYR | 4,600*-4,650* | 1,037-1,048 |
| Philippines | PHP | 67,000 | 1,171 |
| Thailand | THB | 30,500 | 928 |
| Vietnam | VND | 23,500,000 | 911 |
Description: *Offers on 30 days credit term
Import on LC at sight, CIF/CFR Southeast Asia main port basis
| Origin | Product | Offers (USD/ton) |
|---|
| China | PP Homo Raffia | 850 |
| Indian Subcontinent | PP Homo Raffia | 900 |
| Middle East | PP Homo Raffia | 880 |
| Southeast Asia | PP Homo Raffia | 810-850 |
Tags: Asia Pacific,Daily,English,PP,SEA
Published on March 25, 2020 12:09 PM (GMT+8)
Last Updated on March 25, 2020 12:09 PM (GMT+8)
