- An Indonesian converter informed SSESSMENTS.COM that this week, the company only received import PP Homo Raffia offers from Vietnam, available at $800/ton on LC at sight, CIF Indonesia main port basis. While from other producers, the converter did not receive offers or did not ask inquiries either. In terms of demand, domestic demand for woven bags is softening due to intensified Coronavirus outbreak in the country.
- A Thailand-based trader informed SSESSMENTS.COM that the company received offers from a global trading house for Singaporean PP Homo Raffia cargoes at $810/ton on LC at sight, CIF Thailand main port basis, with minimum purchases of 100-200 tons. However, the trader believes that interest towards the offers will remain thin because of the slow business at the converters' end. The trader said plastic business in Thailand is slow because the country applied the curfew from last Friday. For those going out after 10 pm, they will be arrested or pay a fine of up to THB100,000 ($3,038). The trader opined that outlook for Thailand PP market is not positive, but market players are waiting for the outcome of OPEC+ and Russia meeting on Thursday. If the agreement to cut the output is achieved, the crude oil prices might sustain and would prevent polymers prices from falling drastically.
