- Local and import PP offers were mostly on a downtrend during April
- Thai IRPC to conduct maintenance shutdown at PP plants starting from mid-June
- Outlook for Southeast Asia PP market remains pessimistic onwards
Based on the data obtained by SSESSMENTS.COM’s team, local offers in the Southeast Asia PP market were stable to soft during April. In Malaysia, April delivery offers for PP Homopolymer and Copolymer grades from the local producer lowered between MYR350-800/ton ($81-186/ton) compared to March. On the week commencing April 20, the Malaysian producer closed orders for PP Homopolymer grades after the company sold a lot of allocation to China market on the prior week. In Thailand, offers for PP Homopolymer grades from the local producers were mostly captured on a downtrend during the first half of April, with a total reduction of between THB500-1,000/ton ($15-30/ton). However, on the week commencing April 20, Thai producers adjusted up the offers for PP across all grades by THB1,500/ton ($46/ton) on a weekly comparison as the producers have sold some big quantities to both domestic and export markets. Moving to the end of the week, the Thai producers decided to maintain the offers stable but received stiff resistance from buyers as most of them expected lower prices. Meanwhile, the Philippines producers did not give fresh local offers in April; the producers were only giving offers if there were any inquiries from buyers. Detailed information for Indonesia and Vietnam market is available in MonthlySSESSMENTS of the respective countries.
In the import market, there were not many offers captured in the Southeast Asia PP market due to the bearish sentiment, SSESSMENTS.COM noted. On April 3, offers for PP Homo Raffia of Middle East origin to Myanmar emerged with a decrease of $30/ton from a week earlier, stood at $790/ton on LC at sight, CIF Yangon Port. Whereas April shipment offers for PP Homo Film from a Middle Eastern producer decreased by $50/ton compared to March shipment. Deals for PP Homo Film cargoes were concluded at the same level to the initial offer at $800/ton on the same payment and delivery term. On the week commencing April 20, offers for PP Homo Raffia from Southeast Asian producers were available at $800-850/ton on LC at sight, CIF Southeast Asia Main Port basis.
Overall, the PP market in the Southeast Asia region during April was slow due to the Coronavirus pandemic. Particularly in the third week of the month, market sentiment in the region was eroded further as US crude oil futures prices dropped to negative territory for the first time in history. At that time, SSESSMENTS.COM was told that buyers preferred to wait on the sidelines and halt procurement in anticipation of further lower prices. In Thailand, most converters experienced hardship in selling their products. Similarly, trader’s sales dropped by 40% from normal sales before the curfew was imposed in the country. In Malaysia and the Philippines, the market was dormant due to lockdown. Particularly in the Philippines, the overall sales for end-products were slowing down and led to a significant decline in sales for PP resins from traders’ end by around 30-40% from the normal days before the lockdown was imposed. In the production sector, Thai IRPC has planned to undergo maintenance shutdown at the company’s PP plant no. 3 and no. 4 with each capacity of 225,000 tons/year and 160,000 tons/year respectively for 45 days starting from mid-June.
Entering May, the majority of market players opined to SSESSMENTS.COM that the outlook for PP market remains pessimistic. Some opined that even after the Coronavirus outbreak is controlled, it still needs time for the market to recover from the virus impact. In terms of prices, the room for decreases remains open considering the sluggish demand in the region.
Click below to view related stories and content on the SEA PP market:
WeeklySSESSMENTS: SEA PP Prices W/C April 6
WeeklySSESSMENTS: SEA PP Prices W/C April 13
WeeklySSESSMENTS: SEA PP Prices W/C April 20
WeeklySSESSMENTS: SEA PP Prices W/C April 27
Transactions for local PP between April 1 to April 3 on cash/credit term, FD basis and excluding VAT (except in PHP including 12% VAT, all equivalent in USD excluding VAT)
| Origin | Product | Transaction Type | Currency | Offers/ton | Equivalent in USD/ton | Payment Term | Delivery Country |
|---|
| Malaysia | PP Block Copolymer | Price List | MYR | 4,320-4,380 | 1,004-1,018 | 30 Days Credit Term | Malaysia |
| Malaysia | PP Homo Film | Price List | MYR | 3,950 | 918 | 30 Days Credit Term | Malaysia |
| Thailand | PP Homo Film | Offer Received | THB | 29,500-30,000 | 905-920 | Cash In Advance | Thailand |
| Thailand | PP Homo Film | Offer Given | THB | 29,000-30,500 | 890-936 | Cash In Advance | Thailand |
| Malaysia | PP Homo Injection | Price List | MYR | 3,750 | 872 | 30 Days Credit Term | Malaysia |
| Thailand | PP Homo Injection | Sold | THB | 28,500 | 874 | Cash In Advance | Thailand |
| Thailand | PP Homo Injection | Offer Given | THB | 29,500-30,000 | 905-920 | Cash In Advance | Thailand |
| Malaysia | PP Homo Raffia | Price List | MYR | 3,800-3,850 | 883-895 | 30 Days Credit Term | Malaysia |
| Malaysia | PP Homo Raffia | Offer Given | MYR | 3,800 | 883 | 30 Days Credit Term | Malaysia |
| Philippines | PP Homo Raffia | Offer Given | PHP | 67,000 | 1,182 | Cash In Advance | Philippines |
| Thailand | PP Homo Raffia | Sold | THB | 28,500 | 874 | Cash In Advance | Thailand |
| Thailand | PP Homo Raffia | Offer Received | THB | 29,000-29,500 | 890-905 | Cash In Advance | Thailand |
| Thailand | PP Homo Raffia | Offer Given | THB | 29,000 | 890 | Cash In Advance | Thailand |
| Thailand | PP Homo Raffia | Offer Given | THB | 28,500 | 874 | Cash In Advance | Thailand |
| Thailand | PP Homo Raffia | Offer Given | THB | 28,500-29,500 | 874-905 | Cash In Advance | Thailand |
| Malaysia | PP Random Copolymer Extrusion | Price List | MYR | 4,620-5,270 | 1,074-1,225 | 30 Days Credit Term | Malaysia |
| Thailand | PP Random Copolymer Injection | Offer Given | THB | 33,500-34,500 | 1,028 | Cash In Advance | Thailand |
Transactions for import PP between April 1 to April 3 on LC at sight, CIF main port basis
| Origin | Product | Transaction Type | Offers (USD/ton) | Delivery Country |
|---|
| Middle East | PP Homo Raffia | Offer Received | 790 | Myanmar |
Transactions for local PP between April 6 to April 10 on cash/credit term, FD basis and excluding VAT (except in PHP including 12% VAT, all equivalent in USD excluding VAT)
| Origin | Product | Transaction Type | Currency | Offers/ton | Equivalent in USD/ton | Payment Term | Delivery Country |
|---|
| Thailand | PP Homo Film | Offer Given | THB | 28,000-29,000 | 859-890 | Cash In Advance | Thailand |
| Thailand | PP Homo Film | Offer Received | THB | 28,000-31,000 | 859-951 | Cash In Advance | Thailand |
| Thailand | PP Homo Film | Purchased | THB | 31,000 | 951 | Cash In Advance | Thailand |
| Thailand | PP Homo Film | Sell Idea | THB | 29,000 | 890 | Cash In Advance | Thailand |
| Thailand | PP Homo Injection | Offer Given | THB | 27,000-28,500 | 828-874 | Cash In Advance | Thailand |
| Thailand | PP Homo Injection | Offer Received | THB | 27,500-27,750 | 844-852 | Cash In Advance | Thailand |
| Malaysia | PP Homo Raffia | Price List | MYR | 4,650 | 1,081 | 30 Days Credit Term | Malaysia |
| Malaysia | PP Homo Raffia | Purchased | MYR | 4,600 | 1,069 | Cash In Advance | Malaysia |
| Philippines | PP Homo Raffia | Offer Given | PHP | 67,000 | 1,182 | Cash In Advance | Philippines |
| Thailand | PP Homo Raffia | Sell Idea | THB | 28,500 | 874 | Cash In Advance | Thailand |
| Thailand | PP Homo Raffia | Offer Given | THB | 27,000-28,500 | 828-874 | Cash In Advance | Thailand |
| Thailand | PP Homo Raffia | Offer Received | THB | 27,500-28,000 | 844-852 | Cash In Advance | Thailand |
Transactions for import PP between April 6 to April 10 on LC at sight, CIF main port basis
| Origin | Product | Transaction Type | Offers (USD/ton) | Delivery Country |
|---|
| Southeast Asia | PP Homo Raffia | Offer Received | 810 | Thailand |
| Middle East | PP Homo Film | Offer Received | 800 | Thailand |
| Middle East | PP Homo Film | Purchased | 800 | Thailand |
Transactions for local PP between April 13 to April 17 on cash/credit term, FD basis and excluding VAT (except in PHP including 12% VAT, all equivalent in USD excluding VAT)
| Origin | Product | Transaction Type | Currency | Offers/ton | Equivalent in USD/ton | Payment Term | Delivery Country |
|---|
| Malaysia | PP Homo Film | Price List | MYR | 3,950 | 918 | 30 Days Credit Terms | Malaysia |
| Thailand | PP Homo Film | Offer Given | THB | 27,500-28,000 | 844-859 | Cash In Advance | Thailand |
| Thailand | PP Homo Film | Offer Received | THB | 26,500-28,000 | 813-859 | Cash In Advance | Thailand |
| Thailand | PP Homo Film | Purchased | THB | 27,000 | 828 | Cash In Advance | Thailand |
| Malaysia | PP Homo Injection | Price List | MYR | 3,750 | 872 | 30 Days Credit Terms | Malaysia |
| Thailand | PP Homo Injection | Offer Given | THB | 26,500-27,500 | 813-844 | Cash In Advance | Thailand |
| Thailand | PP Homo Injection | Offer Received | THB | 26,000-27,000 | 798-828 | Cash In Advance | Thailand |
| Malaysia | PP Homo Raffia | Purchased | MYR | 3,600 | 837 | Cash In Advance | Malaysia |
| Malaysia | PP Homo Raffia | Purchased | USD | 815 | - | Cash In Advance | Malaysia |
| Philippines | PP Homo Raffia | Offer Given | PHP | 67,000 | 1,182 | Cash In Advance | Philippines |
| Thailand | PP Homo Raffia | Offer Given | THB | 26,500-27,500 | 813-844 | Cash In Advance | Thailand |
| Thailand | PP Homo Raffia | Offer Received | THB | 26,000-28,500 | 798-874 | Cash In Advance | Thailand |
Transactions for import PP between April 13 to April 17 on LC at sight, CIF main port basis
| Origin | Product | Transaction Type | Offers (USD/ton) | Delivery Country |
|---|
| Singapore | PP Block Copolymer | Offer Received | 950 | Southeast Asia |
| Vietnam | PP Homo Raffia | Offer Received | 800 | Malaysia |
Transactions for local PP between April 20 to April 24 on cash/credit term, FD basis and excluding VAT (except in PHP including 12% VAT, all equivalent in USD excluding VAT)
| Origin | Product | Transaction Type | Currency | Offers/ton | Equivalent in USD/ton | Payment Term | Delivery Country |
|---|
| Malaysia | PP Homo Film | Price List | MYR | 3,950 | 918 | 30 Days Credit Terms | Malaysia |
| Malaysia | PP Homo Film | Offer Given | MYR | 3,950 | 918 | 30 Days Credit Terms | Malaysia |
| Thailand | PP Homo Film | Offer Received | THB | 27,000-29,000 | 828-890 | Cash In Advance | Thailand |
| Thailand | PP Homo Film | Offer Given | THB | 27,500-29,000 | 844-890 | Cash In Advance | Thailand |
| Malaysia | PP Homo Injection | Price List | MYR | 3,750 | 872 | 30 Days Credit Terms | Malaysia |
| Thailand | PP Homo Injection | Offer Received | THB | 28,500 | 874 | Cash In Advance | Thailand |
| Thailand | PP Homo Injection | Offer Given | THB | 27,000-28,500 | 828-874 | Cash In Advance | Thailand |
| Malaysia | PP Homo Raffia | Price List | MYR | 3,800-3,850 | 883-895 | 30 Days Credit Terms | Malaysia |
| Philippines | PP Homo Raffia | Offer Given | PHP | 67,000 | 1,182 | Cash In Advance | Philippines |
| Thailand | PP Homo Raffia | Offer Received | THB | 28,500 | 874 | Cash In Advance | Thailand |
| Thailand | PP Homo Raffia | Offer Given | THB | 27,500-28,500 | 844-874 | Cash In Advance | Thailand |
Transactions for import PP between April 20 to April 24 on LC at sight, CIF Southeast Asia main port basis
| Origin | Product | Transaction Type | Offers (USD/ton) |
|---|
| Southeast Asia | PP Homo Raffia | Offer Given | 800-850 |
Transactions for local/localized PP between April 27 to April 30 on cash/credit term, FD basis and excluding VAT (except in PHP including 12% VAT, all equivalent in USD excluding VAT)
| Origin | Product | Transaction Type | Currency | Offers/ton | Equivalent in USD/ton | Payment Term | Delivery Location |
|---|
| Malaysia | PP Block Copolymer | Price List | MYR | 4,060-4,130 | 944-960 | 30 Days Credit Term | Malaysia |
| Malaysia | PP Homo Film | Price List | MYR | 3,950 | 918 | 30 Days Credit Term | Malaysia |
| Thailand | PP Homo Film | Offer Given | THB | 28,750 | 882 | Cash In Advance | Thailand |
| Thailand | PP Homo Film | Offer Given | THB | 28,500-29,000 | 874-890 | 30 Days Credit Term | Thailand |
| Malaysia | PP Homo Injection | Price List | MYR | 3,750 | 872 | 30 Days Credit Term | Malaysia |
| Southeast Asia | PP Homo Injection | Offer Given | PHP | 62,000-65,000 | 1,093-1,146 | Cash In Advance | Philippines |
| Thailand | PP Homo Injection | Offer Given | THB | 28,250 | 867 | Cash In Advance | Thailand |
| Thailand | PP Homo Injection | Sold | THB | 27,500 | 844 | Cash In Advance | Thailand |
| Thailand | PP Homo Injection | Offer Given | THB | 28,000-28,500 | 859-874 | 30 Days Credit Term | Thailand |
| Malaysia | PP Homo Raffia | Offer Received | MYR | 3,600 | 837 | Cash In Advance | Malaysia |
| Malaysia | PP Homo Raffia | Price List | MYR | 3,800-3,850 | 883-895 | 30 Days Credit Term | Malaysia |
| Philippines | PP Homo Raffia | Offer Given | PHP | 67,000 | 1,182 | Cash In Advance | Philippines |
| Southeast Asia | PP Homo Raffia | Offer Given | PHP | 62,000-65,000 | 1,093-1,146 | Cash In Advance | Philippines |
| Thailand | PP Homo Raffia | Offer Given | THB | 28,250 | 867 | Cash In Advance | Thailand |
| Thailand | PP Homo Raffia | Sold | THB | 27,500 | 844 | Cash In Advance | Thailand |
| Thailand | PP Homo Raffia | Buy Idea | THB | 27,500-28,000 | 844-859 | 30 Days Credit Term | Thailand |
| Thailand | PP Homo Raffia | Offer Given | THB | 28,000-28,500 | 859-874 | 30 Days Credit Term | Thailand |
| Malaysia | PP Random Copolymer Extrusion | Price List | MYR | 4,360-5,010 | 1,013-1,165 | 30 Days Credit Term | Malaysia |
Transactions for import PP between April 27 to April 30 on LC at sight, CIF Main Port basis
| Origin | Product | Transaction Type | Offers (USD/ton) | Delivery Country |
|---|
| Malaysia | PP Homo Raffia | Offer Received | 850 | Philippines |
| Vietnam | PP Homo Raffia | Offer Received | 860 | Philippines |
Tags: Asia Pacific,English,Monthly,PP,SEA
Published on May 4, 2020 5:24 PM (GMT+8)
Last Updated on May 4, 2020 5:24 PM (GMT+8)
