- A trader based in Xiamen informed that local offers for PP Homo Raffia from the company’s end were slightly hiked by CNY50/ton ($7/ton) on a weekly comparison. The trader intentionally made unnoticeable changes as downstream players are still showing stiff resistance towards high prices and keep purchasing on an as-needed basis. Besides, SSESSMENTS.COM was told that even the local producer that is maintaining a stable offer level still gain a cold response from their customers. In the days to come, although the buying sentiment remains bearish, the trader believes that the firm feedstock prices coupled with low inventory level will forestall local PP prices from falling substantially.
- Meanwhile, another Chinese trader reported to SSESSMENTS.COM on maintaining a stable offer level for local PP Homo Raffia cargoes from a day earlier. Currently, the trader’s offers are standing at CNY7,900/ton ($1,114/ton) at the lowest and are available on cash, EXW China basis and including 13% VAT.
