- A global trading house informed SSESSMENTS.COM that the company prefers the wait-and-see stance at the moment following the significant decreases captured in China domestic market. The trader added that buying sentiment is currently weak, and there is a possibility that PP prices will continue to decrease.
- A trader reported to SSESSMENTS.COM that the trader’s offers for local PP Homo Raffia cargoes have been adjusted down by CNY500/ton ($71/ton) from Wednesday’s level. The trader added that converters are showing resistance towards the high-end of the price range citing a thin profit margin. Although previously local PP prices increased significantly, the prices would eventually be moving down onward as there is no strong demand to support. However, the trader opined that the decline in prices would be limited, considering that it is close to delivery month for May 2020 PP contract while the availability of spot PP Homo Raffia is limited as most producers switched production to PP Fiber.
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