- An Indonesian PP producer contacted by SSESSMENTS.COM stated that local offers for PP Homo Raffia from the company’s end dropped again this week due to slow demand, yet, the producer could not disclose the exact number. The producer said that demand for PP resins remains sluggish this week. Most buyers are not keen on making procurement due to another drop in crude oil prices. Besides, the sales for converters’ end-products are also shrinking, hence, most converters are not in a hurry to replenish their stocks. Additionally, the producer’s PP plant is currently running at a normal capacity.
- In Vietnam, a converter reported to SSESSMENTS.COM on purchasing 100 tons of local PP Homo Raffia cargoes at VND21,000,000/ton ($892/ton) on cash, FD Vietnam basis and including 10% VAT. As compared to their last done deals, the latest level is VND500,000/ton ($21/ton) lower. Demand-wise, the converter observed an improvement in end-product sales this week, around 10% compared to last week. As such, the company decided to keep the production rate at full capacity. In the days to come, the converter expects that PP prices will move further down considering the current state of resins demand and lower crude oil prices.
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