- A Chinese trader informed SSESSMENTS.COM on the latest offers for PP Homo Raffia in the local market. On July 6, the trader decided to maintain the stable offers for local PP Homo Raffia cargoes from last Friday’s level following the firm futures prices. The trader’s offers are currently available between CNY7,800-8,050/ton ($1,103-1,138/ton) on cash, EXW China basis and including 13% VAT.
- Another trader in China reported to SSESSMENTS.COM that local offers for PP Homo Raffia increased between CNY50-100/ton ($7-14/ton) on a weekly comparison as supported by the stronger futures market. For import cargoes, the offers for PP Homo Raffia of Middle East origin are stable as compared to the same period. Demand-wise, the trader mentioned that buying sentiment in the domestic market is considered sluggish. Most converters already prepared for the upcoming traditional low season, thus, they keep their inventory lean and unwilling to place orders. In the days to come, local and import PP prices may be stable onward considering the relatively low inventory of the two leading Chinese polyolefins producers as well as firm crude oil and propylene prices. Meanwhile, demand expected to remain flat following the traditional low season.
