Transactions for import PP Homo Raffia between June 1 to June 5 on LC at sight, CIF China Main Port basis
Description: *Buy idea from re-exporters for prompt delivery cargoes- Middle East origin $810-830/ton
- Southeast Asia origin $940/ton
Comments by market players on PP Homo Raffia as follows:
“In the domestic market, the spot offers for PP Homo Raffia increased by CNY100/ton ($14/ton) as compared to last Friday’s level, buoyed by the rebound in futures market prices. So far, demand for PP is going good, yet, the buying pattern is still on a hand-to-mouth basis,” a Chinese trader reported to SSESSMENTS.COM on Monday, June 1.
Another Chinese trader contacted by SSESSMENTS.COM on June 3 informed, “This week, we received offers for PP Homo Raffia of Vietnam origin at $940/ton on LC at sight, CIF China Main Port basis. As compared to the offers available three weeks ago, the price has surged as much as $90/ton. We think that it is rather difficult to conclude deals at such a level as it is considered quite high. For Middle Eastern cargoes, some re-exporters told us that their buy idea for PP Homo Raffia is around $830-850/ton on LC at sight, CIF China Main Port basis for the prompt delivery; much lower compared to spot prices. Since last week, the futures market prices have been on an uptrend; which also provides support for spot prices to increase. On the contrary, demand from converters’ end is not improving as sales for end-products are still sluggish. Due to this, buyers started to show resistance toward high prices and we are rather worried that the prices will collapse in the near future, hence, we have to stay cautious at the moment.”
“These days, the leading Indonesian polyolefins producer is no longer actively offering their cargoes to the China market since they are already selling lots of their allocation in April. We noticed that the Indonesian polyolefins producer is experiencing tight supply and is occupied in clearing their backlogs. In the China market, most players are now scared of taking import cargoes as they are currently anticipating the arrival of US cargoes, which the volume is quite considerable,” a Shanghai-based trader told SSESSMENTS.COM.
Tags: Asia Pacific,China,English,NEA,News,PP
Published on June 8, 2020 10:55 AM (GMT+8)Last Updated on June 8, 2020 10:55 AM (GMT+8)
