Comments by market players on PP Homo Raffia as follows:
“As of Monday, March 30, one of the big traders in China has successfully sold more than 20,000 tons of Indian PP Homo Raffia cargoes at $700/ton on LC at sight, CIF China Main Port basis. Currently, Chinese buyers are still not keen on taking Middle Eastern PP Homo Raffia cargoes as buyers perceive that prices have not bottomed out yet. Even though there is a slight increment in futures prices, we believe that it is rather hard for local PP prices to rebound as the market is still weighed by the ample supply and consistently sluggish demand,” a global trading house reported on March 31.
A South Korean producer stated to SSESSMENTS.COM, “We managed to sell a small volume of PP Homo Raffia cargoes at $900/ton on LC at sight, CIF China Main Port basis, or at $20/ton lower than the initial offer levels. Additionally, considering our products that are in a high-end market, therefore, our offers are always higher compared to others.”
“At the beginning of this week, we noticed that the offers for import PP Homo Raffia from one of the South Korean suppliers stood between $680-690/ton on LC at sight, CIF China Main Port basis. However, we are not sure whether such a level is still available or not since the current price in the domestic market is on an upward trend,” a Chinese trader commented on Thursday, April 2.
“Considering the fierce competition as well as sluggish demand amid Coronavirus issues, we decided to cut the offers for PP Homo Raffia by $60/ton compared to the offer available last week. Despite the hefty reduction, we have not managed to conclude any deals with Chinese buyers so far. This week, we got some cancellation orders from one of our big customers due to sluggish demand for end-products as an impact of Coronavirus spreads in the customer’s main markets; Australia, USA, and Europe. We believe that other factories are also facing the same problem. For the upcoming week, we predict that import PP prices will break a new threshold of $700/ton-level,” another South Korean producer informed SSESSMENTS.COM on April 2.
On April 3, the South Korean producer’s source was contacted by SSESSMENTS.COM again and stated, “We finally managed to conclude deals for PP Homo Raffia cargoes at almost $100/ton lower than last week’s deals. To date, we have not sold out the April allocation yet.”
Transactions for import PP Homo Raffia between March 30 to April 3 on LC at sight, CIF China main port basis
Tags: Asia Pacific,China,English,NEA,News,PP
Published on April 6, 2020 11:22 AM (GMT+8)
