A trader in Australia contacted by SSESSMENTS.COM revealed that the company is being fastidious in procurement activity since the Australia PE market is still in the recovery process. Within the week commencing July 6, the company received import offers for HDPE Film of US origin at $920/ton on LC at sight, CIF Australia main port basis. The trader has no interest to procure the materials since the offers are deemed too high. Moreover, the long lead-time also reduces the traction of the materials. As the cargoes will be shipped directly from the US and it will take around seven weeks to arrive in Australia.
In terms of demand, buying sentiment has yet to show significant improvement since the market is still in the recovery process. In the days to come, the trader opined to SSESSMENTS.COM that the movement of ethylene and crude oil prices would be the major factor to determine PE price movements.
