- A converter in the Philippines reported to SSESSMENTS.COM that demand for the end products is very slow. In order to tune with the slow demand, the converter is only running at 50% from the normal production rate. Buyers remain cautious in doing the business due to a lot of uncertainties in the market amid the concern of the increasing number of COVID-19 cases. In terms of offers, the current local PP Homo Raffia offers at PHP64,000/ton ($1,291/ton) on cash, FD basis are deemed workable as usually the offers were above PHP70,000/ton-level ($1,412/ton). However, no one has the intention to procure some materials. In the days to come, Philippines PP market is expected to remain dull until the end of July.
- Whereas in Vietnam, a local trader in the country informed SSESSMENTS.COM that import PP Homo Raffia offers for the week commencing July 6 is scarce. However, it does not lead to a significant issue as buying appetite is weakening as compared to last week. Nowadays, most traders are asking for prices only for reference, without any intention to purchase. Market talks have it that PP Homo Raffia of India origin was concluded at $940/ton on LC at sight, CIF Vietnam main port basis. This level is lower by $20/ton as compared to the offers available last week. Likewise, PP Homo Raffia cargoes from the leading Saudi polyolefins producer was concluded at $890/ton. While last week, the offers were hovering at $920-940/ton-level. The fact that the suppliers were willing to sell at lower levels is an evidence of the sluggish market.
