- An Indonesian trader informed SSESSMENTS.COM that the company is offering to the market this week as they received some inquiries from customers. Deals for local PP Homo Raffia cargoes concluded at initial offers at IDR14,500,000/ton ($895/ton) on 30 days term, FD Indonesia basis and excluding 10% VAT. This level is IDR500,000/ton ($31/ton) lower than the leading Indonesian polyolefins producer’s price list. For the market outlook, the trader opined that sentiment would remain bearish due to large-scale social restriction imposed by the Jakarta government for 14 days starting from Friday, April 10. As such, the trader plans to not offering to market on a regular basis during the period.
- A Thailand-based trader updates SSESSMENTS.COM that the current offers for PP Homo Raffia cargoes from a Thai PP producer to Vietnam market are $10-20/ton lower from last week. Some buyers submitted bids at $750/ton on LC at sight, CIF Vietnam Main Port basis but were rejected by the producer. Deals were successfully concluded at the initial level, $770/ton on the same payment and delivery term. The trader also informed that the company had 2,000 tons of PP Homo Raffia allocation from the producer for this week, and has managed to sell it out. Customers in Vietnam are more willing to take cargoes following the rebound in China domestic market. However, sentiment in the local market remains bearish despite a reduction of THB1,000/ton ($30/ton) on local PP Homo Raffia offers from last week’s level. Not many deals concluded so far, as most customers still expect prices to move even lower.
