- A Chinese trader based in Ningbo reported on receiving import PP offers from a Saudi producer this week. To China market, the producer initiated a price increase of $30/ton for PP Homo Raffia cargoes as compared to a week earlier. The latest offers are available at $930/ton on LC at sight, CIF China Main Port basis. The trader regarded the offer level as high and unworkable; hence, reluctant to take the cargoes. Market talks have it that another trader is offering Indian PP Homo Raffia cargoes at $900/ton with the same payment and delivery terms, a rollover from the previous week. For the outlook, the trader foresees that most suppliers will release their fresh offers at the beginning of the week as the majority of market players will start to leave their desks ahead of the Dragon Boat Festival, an annual celebration to commemorate Qu Yuan (340-278 BC), an ancient Chinese patriotic poet. The holidays will start from June 25 and lasts until June 28, SSESSMENTS.COM was informed.
- On the supply side, market sources in China revealed to SSESSMENTS.COM on the latest updates of inventory level of the two leading Chinese polyolefins producers in the country. According to the sources, the polyolefins inventory level of both producers recorded at 695,000 tons as of Thursday morning, posting a reduction of 30,000 tons as compared to Wednesday’s level.
