- A trader reported to SSESSMENTS.COM that the company’s offers for local PP Homo Raffia cargoes reduced between CNY100-150/ton ($14-21/ton) on a weekly comparison. The trader explained that the downward adjustments were made following the softer futures prices. Moreover, there is no stimulus that could boost market sentiment. As prices are in a downtrend, the trader stated that downstream factories opted to keep purchasing on a hand-to-mouth basis. Speaking of the flood, the trader informed that the more noticeable impact is seen in the east part of China.
- Another trader commented to SSESSMENTS.COM that PP market in China is sluggish this week. As such, the trader opined that the local PP prices will most likely continue to move lower as there is no strong demand to maintain the high prices. On the supply front, the inventory level of the two leading Chinese polyolefins producers decreased by 15,000 tons from Thursday’s level, recorded at 700,000 tons as of Friday morning. Compared to Monday, it showed a total reduction of 80,000 tons.
