Transactions for import PP Homo Raffia between May 4 to May 8 on LC at sight, CIF/CFR China Main Port basis
Description: *Offers on CFR basis- Indian Subcontinent origin $800/ton
- Middle East origin $820-865/ton
- North America origin $810-825/ton
Comments by market players on PP Homo Raffia market as follows:
A global trading house contacted by SSESSMENTS.COM revealed, “This week, we received fresh offers for PP Homo Raffia from a Saudi producer at $30-40/ton higher than last week’s level, available at $830-840/ton on LC at sight, CIF China Main Port basis. We decided to skip procurements since the prices are too high. Currently, Chinese market players are not actively selling and buying as most of them are still in a holiday mood. On the other hand, buying sentiment from the downstream market remains weak. Approaching the weekend, we believe that there would not be many transactions in the market.”
“On May 8, the leading Indonesian polyolefins producer told all of their customers that they do not have extra volume outside of the normal contract as the producer’s allocation is already fully booked,” a Chinese trader informed.
“This week, we received import PP Homo Raffia offers of US origin at $810/ton, but considering the long delivery time coupled with a bearish outlook for the PP market in the days to come, we decided not to take the cargoes. At the same time, we are offering Middle Eastern PP Homo Raffia cargoes at $820-830/ton, or $10-20/ton higher than last week’s level. All offers are on LC at sight, CIF China Main Port basis. However, it is rather hard to sell the cargoes as most buyers are on a wait-and-see stance. In the local market, offers for PP Homo Raffia in the spot market went down between CNY100-200/ton ($14-28/ton) on a daily comparison following the softer futures prices. Not only affect spot prices, we think that the movement in the futures market will also lead to sluggish buying sentiment,” a trader based in China reported to SSESSMENTS.COM on May 7.
“We received offers for US PP Homo Raffia at $815-825/ton on LC at sight, CIF China Main Port basis, with a volume of purchase of 500 tons. We have informed our customers regarding the offers, yet no response from them so far,” said another Chinese trader on May 8.
A China-based trader stated to SSESSMENTS.COM, “Offers for PP Homo Raffia of Saudi origin are available in the China market at $865/ton on LC at sight, CFR China Main Port basis. Until Friday, May 8, we did not hear any deals concluded as most buyers commented that the offers are too high.”
Click below to view related stories and content on China PP market:
NewsSSESSENTS: Review Of China PP Homo Raffia Market Week 18, April 27-May 1
Tags: Asia Pacific,China,English,NEA,News,PP
Published on May 11, 2020 11:01 AM (GMT+8)Last Updated on May 11, 2020 11:01 AM (GMT+8)
