- A global trading house revealed to SSESSMENTS.COM that Indonesia PP market has not shown any signs of recovery despite relaxation of large-scale social restrictions rules (PSBB) in some cities. Domestic demand has yet to pick up as most converters have faced a significant reduction in end-products demand amid the pandemic crisis. Further added, a large number of converters already secured sufficient volume for June and July production. In terms of prices, the trader is offering Saudi PP Homo Raffia cargoes to Indonesia market at $840/ton on LC at sight, CIF Main Port basis. However, the latest offer level gained cold responses from customers as most are reluctant to accept such a level. For local offers, another trader initiated a price increase of IDR500,000/ton ($34/ton) for local PP Homo Raffia cargoes as compared to last week's level. The trader managed to secure a deal at IDR13,800,000/ton ($930/ton) on cash, FD Indonesia basis and excluding 10% VAT, or IDR200,000/ton ($13/ton) lower than the initial offer level.
- Whereas in Vietnam, a global trading house informed SSESSMENTS.COM on the latest import PP Homo Raffia offers to the country. This week, the trader has no allocation for Saudi origin cargoes as the company managed to sell all of the allocations in the previous week. Transactions were successfully concluded at the initial offer level at $840/ton on LC at sight, CIF Vietnam Main Port basis.
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