- Following the decreases in the futures market, a trader decided to reduce the company’s offers for local PP Homo Raffia cargoes by CNY200/ton ($28/ton) from Thursday’s level. The trader is facing difficulties to move cargoes as most buyers think that PP prices have not bottomed out yet. Hence, the market sentiment remains bearish at the moment, SSESSMENTS.COM was told.
- A global trading house reported to SSESSMENTS.COM that import offers for PP Homo Raffia of India origin to China decreased further by another $40/ton within this week, currently available at $780/ton on LC at sight, CIF China Main Port basis. Although the operating rate at downstream factories gradually increasing, demand for PP resins remains soft as the converters’ finished products demand is still sluggish. Moreover, some orders from the export market have been cancelled due to the intensified Coronavirus outbreak globally. As such, buyers are expecting a lower price and prefer the sideline position at the moment.
