- The largest local trading house in Indonesia contacted by SSESSMENTS.COM stated that this week, the company maintains a stable offer level for local and localized Southeast Asian PP Homo Raffia cargoes. Currently, the trader’s offers for both local and localized cargoes are available at IDR14,500,000/ton ($1,041/ton) on cash, FD Indonesia basis and excluding 10% VAT. Buyers’ response towards the offers is rather cold and the number of deals remains limited, citing that the offer level is deemed too high. However, the trader has no intention in revising down the offers since the company does not have sales pressure at the moment. In the days to come, the trader believes that local PP offers will remain firm.
- Whereas in Vietnam, a trader reported to SSESSMENTS.COM that the latest offers for localized PP Homo Raffia cargoes of Saudi origin increased by VND500,000/ton ($21/ton) from last week, currently stand at VND26,000,000/ton ($1,112/ton) on cash, FD Vietnam basis and including 10% VAT. Previously, the trader intended to raise the offers to VND26,500,000/ton ($1,133/ton)-level following the international price trend. However, the intention is buried considering the cold response from buyers towards high prices and once the trader notices that other traders are offering at lower levels. From a local producer, the trader also received offers for PP Homo Raffia at VND24,800,000/ton ($1,060/ton), or about VND1,700,000/ton ($73/ton) higher than the offers available a fortnight ago. Demand-wise, buying sentiment this week is still considered weak as most buyers keep procuring on a hand-to-mouth basis.
