- A Chinese trader informed SSESSMENTS.COM that offers for PP Homo Raffia have increased between CNY150-200/ton ($21-28/ton) on a weekly comparison following the rebound in futures market prices in the first two days of the week. However, the trader is unable to conclude deals since buying sentiment remains on a bearish tone this week. The trader cited that this time of the year is counted as the traditional low season for PP in China; as such, buyers are mostly keeping their purchases on an as-needed basis. In the near future, the trader expects that China’s PP prices will remain stable or are likely to increase as there are not many import cargoes entering China market as of recent.
- Meanwhile, another trader in China revealed to SSESSMENTS.COM that local PP prices are able to sustain in the high level this week despite the limited stimulus that could bolster the market. Since the beginning of the week, local PP prices have shown some increments following the firmer futures prices. Approaching Wednesday, buyers have started holding back due to softer futures market prices. On Thursday, July 9, the trader decided to trim their offers for local PP Homo Raffia between CNY50-100/ton ($7-14/ton) on a daily comparison. The decrement was made following the weakened buying sentiment, the trader added. In contrast, offers for import PP Homo Raffia of Saudi origin increased by $20/ton from last week, yet the trader thinks that the prices are quite high. In the days to come, the trader believes that market sentiment will gradually wane due to the lack of stimulus.
