- A Chinese polyolefins producer contacted by SSESSMENTS.COM’s team informed that the producer has increased local offers for PP Homo Raffia by CNY100/ton ($14/ton) as compared to offers on Monday, May 25. On a weekly comparison, the producer has made an upward price adjustment of CNY200/ton ($28/ton) in total. There are several reasons for the price increases. First, the firmer propylene prices and the second is the price increment made by the major polyolefins producers in the country. Demand-wise, the producer stated that buying sentiment is better than last week as buyers are anticipating further upward price adjustments. Besides, demand for the end-products has started to rise.
- Likewise, a Chinese trader reported to SSESSMENTS.COM that the offers for local PP Homo Raffia from their end have increased by CNY100/ton ($14/ton) compared to a day earlier. Aside from the increment in PP prices in the futures market, the trader added that the reduction of inventory level of the two leading Chinese polyolefins producers also supported PP Homo Raffia prices to climb. In the import market, Middle Eastern PP Homo Raffia prices went up by $20/ton as compared to last week’s level. In terms of demand, the trader unveils that converters have already finished the restocking activities. In the near future, the trader is optimistic that local and import PP Homo Raffia prices would not plunge taking into account the firmer monomer prices.
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