- Middle East origin $930-980/ton
- Southeast Asia origin $980-1,060/ton
- Far East Asia origin $990-1,000/ton
Comment by market players on PP Homo Raffia as follows:
“Overall import PP Homo Raffia prices in the Vietnam market remain firm on the back of rising propylene costs. However, concern over the second wave of coronavirus infections put a damper on end-products demand. As such, Vietnamese customers are reluctant to purchase in bulk and unwilling to build inventory. Still, we think that there would be room for import PP Homo Raffia prices to continue its rally supported by firmer feedstock prices,” a global trading house shared with SSESSMENTS.COM on June 29.
“We prefer to wait for the latest PP Homo Raffia offers from Middle Eastern producers, which are scarce this week. While for the import cargoes of Southeast Asian suppliers, we think this is not a good time to source from them since most offers are above $960/ton; hence, the offers are not attractive since the gap with the local market price is not much,” an Indonesian trader informed on June 30.
“Import PP Homo Raffia offers are very high this week. Offers from Saudi and South Korea increased $60-70/ton compared to June shipment, at $970/ton and $1,000/ton respectively. We concluded that PP Homo Raffia prices in Vietnam are the highest in Southeast Asia now. However, buyers resist high prices. Therefore, the buying sentiment is rather weak. Looking ahead, considering the crude oil and monomer prices, we opine that PP Homo Raffia is not going to drop in the near term. It is going to remain stable or even continue to increase,” a Vietnamese trader told SSESSMENTS.COM on June 30.
“Traders will be facing difficulties in selling import PP Homo Raffia cargoes due to continuous uptrend in prices. Additionally, some local suppliers are still offering cargoes at low levels,” a Vietnamese converter said on June 30.
“As Southeast Asian customers show resistance towards offers for Indian PP Homo Raffia cargoes above $920/ton-level; it is rather difficult to conclude deals this week. And indeed for Vietnamese customers, they secured a lot of volume in the previous months, as such, sales this week are slowing down as most buyers have comfortable stocks. At the moment, most of our customers prefer to wait on the sidelines,” the leading Indian petrochemical producer shared with SSESSMENTS.COM on July 1.
“Import PP Homo Raffia offers from the Middle East are available at $960/ton on LC at sight, CIF Yangon Port. So far, customers are not interested in this high price. Overall demand in Myanmar isn't strong for PP Homo Raffia, thus we wonder if this uptrend would sustain,” a trader based in Myanmar commented on July 3.
Transactions for import PP Homo Raffia between June 29 to July 3 on LC at sight, CIF Main Port basis
| Origin | Transaction Type | Offers (USD/ton) | Delivery Term | Delivery Country |
|---|
| China | Offer Received | 940 | CIF | Vietnam |
| Far East Asia | Offer Received | 990-1,000 | CIF | Vietnam |
| India Subcontinent | Offer Given** | 930 | CIF | Indonesia |
| India Subcontinent | Offer Given** | 930 | CIF | Vietnam |
| India Subcontinent | Offer Received | 910-935 | CIF | Vietnam |
| Middle East | Buy Idea | 930 | CIF | Indonesia |
| Middle East | Offer Given | 950 | CIF | Indonesia |
| Middle East | Offer Received | 940-980 | CIF | Indonesia |
| Middle East | Offer Received | 960 | CIF | Myanmar |
| Middle East | Price List | 1,020 | CIF | Philippines |
| Middle East | Offer Given | 930 | CFR | Vietnam |
| Middle East | Offer Received | 930-970 | CIF | Vietnam |
| Southeast Asia | Offer Given | 980 | CIF | Indonesia |
| Southeast Asia | Offer Received | 980 | CIF | Indonesia |
| Southeast Asia | Offer Given* | 990 | CIF | Philippines |
| Southeast Asia | Sold* | 980 | CIF | Philippines |
| Southeast Asia | Offer Given | 1,030 | CIF | Vietnam |
| Southeast Asia | Offer Received | 1,060 | CIF | Vietnam |
Description: *July-August shipment offers; **Mid-August shipment offers
Tags: Asia Pacific,English,News,PP,SEA
Published on July 6, 2020 1:36 PM (GMT+8)
Last Updated on September 19, 2020 4:49 AM (GMT+8)
