- A Chinese trader reported to SSESSMENTS.COM that this week, the company received offers for import Vietnamese PP Homo Raffia at $90/ton higher compared to three weeks ago. However, so far, no deals concluded as the offers are deemed too high. As for Middle Eastern PP Homo Raffia cargoes, buy idea from re-exporters is between $830-850/ton on LC at sight, CIF China Main Port basis for prompt delivery, which is lower than spot offers. Demand-wise, buyers still showed resistance towards current local and import prices as demand for the finished product remain slow.
- In the domestic market, a local trader informed SSESSMENTS.COM that PP prices in China have been on an uptrend for the last two weeks. This week, offers for local PP Homo Raffia increased by CNY100/ton ($14/ton) on a weekly comparison following the higher futures prices. As for demand, no improvement was seen for PP demand this week. However, the trader opined that orders for finished products from China will improve onwards as more countries have started to reopen businesses; which is expected to increase PP demand as well.
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