- A local trader in China informed SSESSMENTS.COM on receiving July shipment offers from the leading Indian petrochemical producer. Compared to offers two weeks ago, the latest PP Homo Raffia offer from the producer is available at $20/ton higher, or at $920/ton on LC at sight, CIF China Main Port basis. In the local market, the trader mentioned that China’s domestic PP prices are moving in different directions. On a week-on-week comparison, some traders adjusted up local PP Homo Raffia offers between CNY50-100/ton ($7-14/ton), while others opted to lower the offers by a similar amount. The trader opined that even though market sentiment has dropped to negative ground, current local prices would not fall further in the near term as current domestic inventory level has provided some cushion for prices.
- On the supply front, 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, June 23, the inventory level of polyolefins at both producers stood at 700,000 tons, reduced significantly by 55,000 tons from Monday’s level.
