Transactions for import PP Homo Raffia between May 11 to May 15 on LC at sight, CIF China Main Port basis
Description: *June shipment, **May to June shipment- Indian Subcontinent origin $820-830/ton
- Middle East origin $820-860/ton
- Southeast Asia origin $850-880/ton
Comments by market players on PP Homo Raffia as follows:
A Chinese trader informed SSESSMENTS.COM, “This week, offers for Indian PP Homo Raffia stand at $820-830/ton on LC at sight, CIF China Main Port basis. Recently, import PP prices in China are lower than the local cargoes which will drag the market price down. Moreover, starting from May 10, the Bureau of Commerce of Zhejiang City announced that China will suspend export for some products, such as Coronavirus testing reagents, medical masks, medical protective clothing, respirators, infrared thermometers, and other medical materials and non-medical masks. The suspension was made after the General Administration of Customs Department discovered and issued a list of underqualified goods related to epidemic prevention materials, which included more than 1.86 million unqualified masks and 16 enterprises dealing with the export market. As such, this measure will cool down the hype China PP market.”
“This week, offers for Middle Eastern PP Homo Raffia remain stable from last week. We think without the demand to support, the outlook for the PP market is not positive,” a local trader in China stated.
“On May 12, the Malaysian polyolefins producer announced June shipment offers to China with an increase of $40/ton for PP Homo Raffia as compared to May shipment. So far, responses from buyers remain cold as the offers deemed unattractive. In the near term, we think PP prices will remain firm following propylene price movements. Moreover, we believe that the mask export limitation will be handled soon, as such, everything will be back to normal again,” a local trader in China commented.
A Xiamen-based trader told SSESSMENTS.COM’s team, “We received import offers for Vietnamese PP Homo Raffia at $850/ton on LC at sight, CIF China Main Port basis. However, we doubt that there will be deals concluded at such a level as most buyers are taking a wait-and-see approach.”
“This week, we only received offers for Vietnam and Malaysia PP Raffia at $860/ton on LC at sight, CIF China Main Port basis. However, buyers are reluctant to take the cargoes due to the weak market sentiment,” said another Chinese trader.
“Offers for Vietnamese PP Homo Raffia remain unchanged from last week and stand at $850/ton on LC at sight, CIF China Main Port basis. So far, no deals concluded as the market atmosphere is flat due to the volatile futures prices. Most of the downstream factories only make procurements on a need basis. However, we believe that the room for PP price to decrease further is limited due to the firmer crude oil and feedstock prices,” as stated by a Chinese trader to SSESSMENTS.COM.
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Tags: Asia Pacific,China,English,NEA,News,PP
Published on May 18, 2020 12:23 PM (GMT+8)Last Updated on May 18, 2020 12:23 PM (GMT+8)
