Transactions for import PP Homo Raffia between April 20 to April 24, CIF China Main Port basis
Description: *Offers for June shipment- Far East Asia origin $850/ton
- Middle East origin $750-810/ton
- Southeast Asia origin $885/ton
Comments by market players on PP Homo Raffia market as follows:
A Chinese trader contacted by SSESSMENTS.COM’s team on April 20 stated, “PP Homo Raffia prices in the local market have decreased between CNY50-100/ton ($7-14/ton) as compared to previous Friday’s level (April 17), following the decreases in the futures market. At the moment, the offers stand between CNY7,400-7,800/ton ($1,045-1,101/ton) on cash, EXW China basis and including 13% VAT. While in the import market, Middle Eastern PP Homo Raffia remains stable compared to the same period, between $750-780/ton on LC at sight, CIF China main port basis. As of recent, buying sentiment is flat.”
A global trading house commented, “There are no fresh offers for import PP Homo Raffia cargoes from our end at the moment. Meanwhile, other traders are mostly offering between $780-800/ton on LC at sight, CIF China main port basis for the cargoes that arrive in early May. In the local market, PP Homo Raffia prices in East China have broken CNY7,000/ton ($988/ton) threshold. The downtrend in PP prices has pushed buyers to the sidelines.”
“Buying sentiment for PP Homo Raffia in the China market has deteriorated since crude oil prices have crashed to minus level. Most Chinese market players prefer to wait on the sidelines and anticipate lower prices. Market talks have it that import PP Homo Raffia cargoes have already broken below $700/ton-level. It could be Indian cargoes, but we are not really sure about it,” stated a local trader.
On 23 April 2020, a global trading house informed, “The leading Indian petrochemical producer has just announced the fresh offers. PP Homo Raffia cargoes are available at $770/ton on LC at sight, CIF China main port basis. As such, the deals below $700/ton-level for Indian cargoes must be a rumour. Today, PP prices in the futures market have increased by 6% from yesterday’s level. The increases in the futures market have successfully lifted buying sentiment, and offers in the spot market also increased by CNY100/ton ($14/ton) as compared to a day earlier.”
A South Korean producer informed SSESSMENTS.COM, “We have announced fresh offers for May shipment. Offers for PP Homo Raffia lowered by $70/ton as compared to last month’s level, available at $850/ton on LC at sight, CIF China main port basis. So far, we are still waiting for bids from our customers.”
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Tags: Asia Pacific,China,English,NEA,News,PP
Published on April 27, 2020 11:03 AM (GMT+8)Last Updated on April 27, 2020 11:03 AM (GMT+8)
