- A trader based in China reported to SSESSMENTS.COM that the company received import offers for PP Homo Raffia from the leading Indian petrochemical producer at $915/ton, or $5/ton higher than a fortnight ago. At the same time, the trader also received import offers for Saudi PP Homo Raffia between $940-960/ton, but no price comparison available. All offers are on LC at sight, CIF China Main Port basis. In the local market, the trader’s offers for PP Homo Raffia slightly lowered by CNY30-50/ton ($4-7/ton) as compared to Tuesday, July 14, following the flattened market sentiment as an impact of softer futures prices. At the time of publication, the number of deals for both local and import PP cargoes remains limited.
- Meanwhile, another China-based trader informed SSESSMENTS.COM on receiving August shipment offers for PP Homo Raffia from a South Korean supplier at $985/ton on LC at sight, CIF China Main Port basis. Afterwards, the trader offered the cargoes to their customers at $1,000/ton on the same payment and delivery terms, however, the offers were unmatched with customers’ buy idea, which is only at $950/ton-level. Eventually, the trader shrugged off the offers. As of recent, market talks have it that non-mainstream PP Homo Raffia grade from a Saudi producer offered at $910/ton-level; hence, buyers use such a level as a reference to bargain with sellers. On the other side, suppliers are unable to trim their offers on the back of firm propylene prices coupled with low inventory level.
