- A Chinese trader informed SSESSMENTS.COM that the latest local offers for PP Homo Raffia from the company’s end are available between CNY6,000-6,100/ton ($845-859/ton) on cash, EXW China basis and including 13% VAT. Eventually, there is a slight increment in the futures prices as of today following a significant drop in a day earlier. Speaking of the demand, the trader stated that at the moment, buying sentiment is still dampened by the Coronavirus outbreak in other countries.
- In the import market, a global trading house reported to SSESSMENTS.COM that on March 30, a big trader in China managed to sell more than 20,000 tons of PP Homo Raffia cargoes of India origin at $700/ton on LC at sight, CIF China Main Port basis. Currently, Chinese buyers are still unwilling to take Middle Eastern PP Homo Raffia cargoes, citing that the prices have not bottomed out yet. Furthermore, even though there is a slight increment in futures prices, the trader believes that it is rather hard for local PP prices to rebound in the days to come as the market is still weighed by the ample supply and consistently sluggish demand.
