NewsSSESSMENTS: Indonesian Buyers Express Concern Over Coronavirus Outbreak, Russian Cargoes Become Price Reference

Author: SSESSMENTS


A global trading house informed SSESSMENTS.COM that Indonesian buyers expressed concern over the Coronavirus outbreak. For the week commencing January 27, the trader opted to roll over import PP Homo Raffia offers of Saudi origin from a week earlier. The latest offers emerged in the market at $1,010/ton on LC at sight, CIF Indonesia Main Port basis. For PP Homo Injection, no import offers are available this week. 


Responding to the offer level, most customers placed a bid for import PP Homo Raffia cargoes of Saudi origin between $960-970/ton on LC at sight, CIF Indonesia Main Port basis. “The majority of the customers are using Russian PP Homo Raffia offer level at $960/ton-level as a price reference. However, we will reject the bid submitted between the aforementioned level as it is quite low,” the trader explained to SSESSMENTS.COM


In general, SSESSMENTS.COM was informed that demand in Indonesia’s PP market remains lukewarm compared to last week. This week, growing concern over the Coronavirus outbreak has triggered buyers to voice out buy idea at a low level. “Some buyers are concerned that this situation will pull down PP prices significantly; hence prefer to adopt a wait-and-see position before taking the next decision,” the trader added. 



 





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January 29, 2020 5:11 PM