- After Jakarta government announced that the capital will start its partial big-scale physical distancing for 14 days starting from April 10, a local trader commented to SSESSMENTS.COM that materials delivery and resins demand will also be affected, since factories producing non-essential products are asked to halt their production activities. In terms of offers, the trader maintains offers for local and localized Vietnamese PP Homo Raffia stable from level available in the middle of last week. Some deals were successfully concluded at the initial offer level at IDR14,310,000/ton ($881/ton) on cash, FD Indonesia basis, and excluding 10% VAT for both local and localized cargoes. Further added, the trader rejected buyers’ bids for local PP Homo Raffia cargoes at IDR13,300,000/ton ($819/ton) on the same payment and delivery term as no suppliers were selling that low yet.
- A trader-based in China shared with SSESSMENTS.COM that with the rebound in the local market, the company tried to offer Chinese PP Homo Raffia cargoes to Vietnam market at $800/ton on LC at sight, CIF main port basis. However, such a level is not workable for the Vietnam market yet. Markets outside of China are still not accepting high prices at the moment due to the Coronavirus pandemic. Even with the recent rebound in crude oil prices, buyers are still hesitant since the rebound might not be sustainable.
