- A global trading house contacted by SSESSMENTS.COM informed that the latest offers for PP across all different grades from the leading Saudi polyolefins producer surfaced in the China market with an adjustment. Particularly for PP Homo Raffia cargoes, the offers were hiked by $30/ton on a weekly comparison. The trader notified that the prices are not firm and negotiation room remains open. However, buying sentiment in China is not as good as last week; some buyers consider import prices as too high and not workable in the market.
- In the local market, a global trading house told SSESSMENTS.COM that the company’s offers for local PP Homo Raffia cargoes were stable from last week’s level. At the moment, supply for PP on the trader’s end is unchanged as the demand also remains the same as last week. Looking ahead, the trader is unsure about the movement of prices. Considering higher feedstock prices coupled with the absence of inventory pressure from local producers, PP prices should be able to move higher. On the other side, if sellers adjusted up the offers, buyers will show resistance.
