- A trader based in China informed SSESSMENTS.COM that localized offers for Thai HDPE Film, Qatar LDPE Film and Saudi LLDPE Film C4 from the company’s end reported stable from Tuesday’s level. However, when compared to last week’s level, the offers went up between CNY150-200/ton ($21-28/ton). Yesterday, buying sentiment was quite good; sales from both local producers and traders’ end were better compared to last week. By today, the futures prices were not significantly increased, hence, the trader decided not to adjust up their offers so their sales would be as good as yesterday. At the moment, the trader is still waiting for the oil agreement that will be announced this Thursday while monitoring the market situation to gauge the PE price movement in the days to come.
- In the import market, a global trading house reported to SSESSMENTS.COM on receiving offers for LLDPE Film C4 from the leading Indian petrochemical producer at $670/ton on LC at sight, CIF China Main Port basis, or $20/ton lower than the level available a fortnight ago. Although the offers were adjusted down, the trader doubted that Chinese buyers would be interested in taking the cargoes. Citing that buyers think the uptrend in PE prices would not sustain considering the slow global economic amid Coronavirus outbreak. However, some traders most likely will take the Indian cargoes to hedge in the futures market. See eye to eye with Chinese buyers, the trader also opined that the rebound in the China domestic market would be short-lived.
