- A trader in Thailand contacted by SSESSMENTS.COM revealed that a local producer in the country decided to maintain firm offers for PP Homo Raffia due to some backlogs. Local PP Homo Raffia offers from the producer remain stable from last week, available via a trader at THB35,000-36,000/ton ($1,128-1,160/ton) on cash, FD basis and excluding 7% VAT. Despite the stable offers, buyers are still showing stiff resistance since the prices deemed too high. On the supply front, supply for PP Homo Raffia in Thailand is considered sufficient in the midst of slow demand. The trader opined that the persistence resistance from buyers would lead to promotional price from the producer in the middle of this week. Local PP prices have room to be adjusted down in the near term.
- Whereas in Vietnam, a local trader informed SSESSMENTS.COM that local PP Homo Raffia prices have increased by VND1,000,000/ton ($43/ton) as compared to last week’s level. For localized cargoes, the trader is offering PP Homo Raffia of South Korea origin at VND26,000,000/ton ($1,011/ton) on cash, FD basis and including 10% VAT. The source also notices the uptrend in PP Homo Raffia prices in the import market. However, the uptrend in the import market deemed unreasonable by the trader citing the relatively stable crude oil prices and the weak buying sentiment on the back of fears of the second wave of coronavirus outbreak.
| Product | Price (USD) | Terms | Changes From Previous Trading Day (USD) |
|---|
| Brent | 42.03 | September Settlement | 0.76 |
| NYMEX | 39.82 | August Settlement | 0.55 |
| Naphtha | 383 | CFR Japan | 12 |
| Ethylene | 877-885 | CFR NEA | 25 |
| Ethylene | 787-795 | CFR SEA | No Changes |
| Propylene | 802-810 | CFR China | 9 to 11 |
| Propylene | 752-760 | FOB Korea | 9 to 11 |
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 | 14,500,000-15,500,000 | 1,006-1,076 |
| Southeast Asia | IDR | 15,200,000-15,500,000 | 1,055-1,076 |
| Malaysia | MYR | 4,400*-4,450* | 1,026-1,038 |
| Philippines | PHP | 64,000 | 1,146 |
| Thailand | THB | 35,000-36,000 | 1,128-1,160 |
| Vietnam | VND | 21,600,000**-26,300,000 | 924-1,023 |
| China | VND | 24,500,000-25,000,000 | 953-972 |
| India | VND | 24,500,000-25,000,000 | 953-972 |
| Saudi | VND | 25,800,000-26,800,000 | 1,004-1,042 |
| South Korea | VND | 26,000,000 | 1,011 |
Description: *Offers on 30 days credit term **Excludes 10% VAT
Import on LC at sight, CIF Southeast Asia main port basis
| Origin | Product | Offers (USD/ton) |
|---|
| Far East Asia | PP Homo Raffia | 990-1,000 |
| Indian Subcontinent | PP Homo Raffia | 930 |
| Middle East | PP Homo Raffia | 930-980 |
| Southeast Asia | PP Homo Raffia | 980-1,030 |
Tags: Asia Pacific,Daily,English,PP,SEA
Published on July 2, 2020 12:15 PM (GMT+8)
Last Updated on July 2, 2020 12:15 PM (GMT+8)
