- A trader reported to SSESSMENTS.COM that the company’s offers for local PP Homo Raffia cargoes are stable from last week as there is no strong factor leading to downward or upward adjustment. Moreover, converters are still keeping the procurement activity on an as-needed basis and the overall buying sentiment remains weak. From the import market, the offers for import PP Homo Raffia cargoes of the Middle East and India origins recorded at $890-930/ton and $900-910/ton respectively on LC at sight, CIF China Main Port basis. The trader also received information that the converters’ profit margin has been squeezed as the price for raw materials continues to increase while the price for the finished products maintains the same. As such, converters are unwilling to make purchases and some just keep the procurement on a hand-to-mouth basis.
- A global trading house informed SSESSMENTS.COM that the company managed to sell Middle Eastern PP Homo Raffia cargoes to re-exporters at $940/ton for August shipment. While in general, converters are expressing their buy ideas for Middle Eastern PP Homo Raffia at $900/ton. All offers on LC at sight, CIF China Main Port basis. The trader also reported that the local offers for PP Homo Raffia in the spot market decreased between CNY50-100/ton ($7-14/ton) from Monday’s level following the downward movement in the futures market.
