- As contacted by SSESSMENTS.COM, a Chinese trader addresses the current PP market situation ahead of the Dragon Boat Festival celebration. For this week, the trader is not expecting to close any deals as some customers started to leave their desks for the upcoming Dragon Boat Festival holiday, which falls on June 25 and lasts until June 27 this year. As the market has entered holiday mood, the trader mentioned that trading activities in China’s PP market were reported to have been rather quiet, citing that most converters are not actively making procurement from the beginning of the week commencing June 22. In the energy market, large inventory build was the chief cause of crude oil prices on Wednesday slipping. On Wednesday, June 24, crude oil futures extended their losses from the previous day, after US crude stockpiles grew more than expected, adding to concern about oversupply.
- Another Chinese trader based in Xiamen revealed to SSESSMENTS.COM that an Indian producer has announced July shipment offers to the China market. As compared to the June shipment offers, the producer applied a hefty price increase of $60/ton for PP Homo Injection cargoes. July shipment offers for PP Homo Injection from the producer are available in the market at $910/ton on LC at sight, CIF China Main Port basis. Pertaining to the arrival of these cargoes, the trader said that the last date of shipment will be in August. Therefore, most buyers in China are reluctant to take the cargoes due to the long lead-time.
