Transactions for import PP Homo Raffia between April 13 to April 17, CIF China Main Port basis
Description: *Offers available on April 14, following drastic increases in local prices- Indian Subcontinent origin $830/ton
- Middle East origin $810-830/ton
- Southeast Asia origin $870/ton
Comments by market players on PP Homo Raffia as follows:
“Over the last weekend, the market was quite active as Chinese buyers are currently on a buying mode. We have purchased PP Homo Raffia cargoes for June shipment from the leading Indonesian polyolefins producer at $870/ton on LC at sight, CIF China Main Port basis,” a Chinese trader reported on April 13.
A Chinese trader contacted by SSESSMENTS.COM informed, “We have received offers for PP Homo Raffia of Saudi origin at $100/ton higher than last week’s level, at $810/ton on LC at sight, CIF China Main Port basis. Since the current local offers for PP Homo Raffia excluding VAT and customs duty are equal to $1,050/ton-level, we believe that the sales for import cargoes would be good. In the days to come, as long as the demand for masks in the local and export market is strong, we believe the prices will not drop in the near future. On the logistic sector, shipment and orders from export-oriented manufacturers negatively affected by the outbreak of COVID-19.”
“This week, we received offers for PP Homo Raffia of Vietnam origin with an increase of more than a hundred. In comparison to a week earlier, the offers for the grade went up between $150-160/ton, currently at $980/ton on LC at sight, CIF China Main Port basis. As the market is in turmoil now, we decided to wait on the sidelines to monitor the market further. Without support from strong demand, we believe the uptrend in prices will be short-lived,” a trader based in China commented.
“To date, we managed to sell PP Homo Raffia cargoes of India origin at $830/ton on LC 90 days, CIF China Main Port basis. In the local market, even when the market is rather uncontrolled and futures prices have started to weaken, our offers for PP Homo Raffia remain stable from last week as supported by strong enthusiasm in the spot market,” a Chinese trader revealed to SSESSMENTS.COM on April 14.
Another China-based trader stated, “We received offers for PP Homo Raffia from a Saudi producer at $900/ton on LC at sight, CIF China Main Port basis, which is deemed too high. In the local market, buying sentiment is slowing down and local prices have started to collapse as strong demand is only coming from masks manufacturers while other sectors remain slow. As such, the trader prefers to skip purchasing as believed the uptrend in import prices would not last long as well.”
“After increasing significantly during last weekend, April 11-12 to Monday, import PP offers have started to show some decrements moving towards the end of the week. Currently, we are just adopting a wait-and-see stance to monitor the market further. In the days to come, we believe that PP prices will continue to drop considering the weak buying sentiment and softer futures prices. In terms of offers, there are not many offers that we received within this week,” a global trading house told SSESSMENTS.COM on April 16.
Click below to view related stories and content on the China market:
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Tags: Asia Pacific,China,English,NEA,News,PP
Published on April 20, 2020 2:43 PM (GMT+8)Last Updated on April 20, 2020 2:43 PM (GMT+8)
