- Market sources in China revealed that Dalian Futures prices were extending their gains and pointing to a CNY8,000-level as of Tuesday’s open. As of July 7, SSESSMENTS.COM noted that September 2020 PP prices on the Dalian Commodity Exchange increased by CNY19/ton ($2/ton) as observed at 1 PM GMT+8, open at CNY7,715/ton ($1,097/ton) by morning trading session while from a week ago, up by CNY466/ton ($66/ton). In response to recent gains in future prices, a Chinese trader has adjusted up its PP offer further. As compared to Monday’s level, the trader applied a price increase of CNY150/ton ($21/ton) on local PP Homo Raffia cargoes.
- From the import market, another Chinese trader revealed that the company has received fresh import offers from a Saudi PP producer this week. As informed, current offers for PP Homo Raffia from the producer are available between $930-950/ton, a roll-over from two weeks earlier. The trader opined that the producer is willing to entertain requests for any discounts as their offer level is deemed too high. Considering the current market situation, the trader prefers to hold back purchases and stay on the sidelines. All offers are on LC at sight, CIF China Main Port basis, SSESSMENTS.COM was informed.
