- A Xiamen-based trader revealed to SSESSMENTS.COM that this week, most converters in China are not actively seeking import cargoes, deeming current offers from suppliers too high to be workable. According to the trader, some buyers voiced out their buy idea for Middle Eastern PP Homo Raffia cargoes between $900-920/ton on LC at sight, CIF China Main Port basis, which is much lower than traders’ price list. Looking ahead, the trader believes that PP prices will fluctuate within a relatively small range in the near term, backed by rising propylene prices and relatively tight supply in the market.
- On the supply side, market sources in China shared with SSESSMENTS.COM on the latest updates of the inventory level of the two leading polyolefins producers in the country. As of Tuesday, July 21, the inventory level of polyolefins at both producers recorded at 760,000 tons, posting a reduction of 20,000 tons as compared to Monday’s level.
