- A trader based in China contacted by SSESSMENTS.COM on April 15 informed that the spot offers for local PP Homo Raffia have been decreased substantially today. In comparison to a day earlier, the prices nosedived as much as CNY1,000-1,200/ton ($141-170/ton), currently stand between CNY8,000-8,400/ton ($1,134-1,191/ton) on cash, EXW China basis and including 13% VAT. Meanwhile, the local prices at or above CNY9,000/ton ($1,276/ton)-level are mostly no longer workable in the market. The trader notified that the remarkable drop was prominently caused by the slump in futures prices, which then affected the buying sentiment. Due to this, buyers now prefer to wait on the sidelines while monitoring the market further.
- Another Chinese trader reported on receiving import PP Homo Raffia of Saudi origin at $900/ton on LC at sight, CIF China Main Port basis, which is considered too high. Demand-wise, buying sentiment remains slow, SSESSMENTS.COM was told. Additionally, local prices have started to collapse as strong demand is only coming from masks manufacturers while other sectors remain slow. As such, the trader prefers to skip purchasing as believed the uptrend in import prices would not last long as well.
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