- In the upcoming weeks, a local trader in China foresees that futures market and spot PP prices will continue to head south due to the influx of imported cargoes by next week. Moreover, the trader pointed out that a large number of local producers have switched back to producing PP Yarn and Injection grades after previously focusing on PP Fiber, amid a spike in global demand for surgical masks and personal protective equipment. This situation will exert downward pressure on domestic PP prices. In line with the downward movements in the futures market at the beginning of the week, a local trader applied a price reduction of CNY200/ton ($28/ton) on PP Homo Raffia grades on a week-on-week comparison, available at CNY7,300/ton ($1,030/ton) on cash, EXW China basis and including 13% VAT. From the import market, the availability of fresh import offers is limited this week.
- Following the downtrend in the futures market in the last two days, another local trader in China has adjusted down its offer further. As stated to SSESSMENTS.COM, the trader initiated a price reduction of CNY100/ton ($14/ton) for PP Homo Raffia compared to Monday’s level in response to the softer futures prices by Tuesday settlement
Click below to view related stories and content on China PP:
DailySSESSMENTS: SEA PP Price 12th May 2020
DailySSESSMENTS: China PP Price 12th May 2020
DailySSESSMENTS: SEA PP Price 13th May 2020
