Chinese traders contacted by SSESSMENTS.COM commented that further adjustments on Middle Eastern PP Homo Raffia prices remain in view amid the Coronavirus outbreak. As contacted, a trader based in Ningbo informed on receiving offers for import PP Homo Raffia of Middle East origin at $860-870/ton on LC at sight, CIF China Main Port basis. However, the trader did not proceed with procurements as domestic prices are more competitive. Further added, many traders are willing to sell at a loss to move out cargoes from their warehouses.
Likewise, another Chinese trader is offering Middle Eastern PP Homo Raffia cargoes at $880/ton on LC at sight, CIF China Main Port basis to test market responses, SSESSMENTS.COM was told. However, the company could not manage to sell the cargoes as market talks have it that Russian PP Homo Raffia cargoes for February shipment are available at $845/ton with the same payment and delivery term, which is considered more attractive.
Looking ahead, Chinese traders opined that the downward trend in the PP market would persist until the end of February. The traders commented to SSESSMENTS.COM that import PP Homo Raffia offers to China will continue to decline due to ample supply and sluggish demand amid the Coronavirus issue.
Tags: Asia Pacific,China,English,EN PP CHINA NSS,Middle East,NewsSSESSMENTS,Northeast Asia,Polypropylene (PP) China PP Prices,Coronavirus Impact On Polymers Market,Middle Eastern PP cargoesFebruary 12, 2020 11:32 AM