- An Indonesian converter provided details to SSESSMENTS.COM on the latest PP market updates. According to the converter, most manufacturers are facing sales pressure amid market uncertainty, growing concern over Coronavirus outbreak, and depreciation of Indonesian Rupiah against the greenback. In term of prices, the converter has not received any fresh import offers so far. Further added, the current import offers available in the market are considered unattractive due to weakening Rupiah. As of March 18, the Indonesian Rupiah depreciated by 4.5%, reaching IDR16,000 per US Dollar, a level unseen since the 1998 crisis.
- According to a local trader, the Philippines government has ordered most companies to wind down, as it enforces a lockdown across one-third of the country. Due to this situation, the trader noted that shipping and transportation services are taking a hit as warehouse workers and delivery drivers cannot carry out their job duties while working from home. Therefore, the trader is unable to deliver the materials to their customers.
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