A local producer in China informed SSESSMENTS.COM on the latest adjustment for local PP offers following the crude oil price movements. As compared to the last trading day, the producer adjusted up PP Homo Raffia offers by CNY100/ton ($14/ton) following a more than 40% increase in crude oil prices over the Labor Day holiday. The producer managed to conclude deals for these cargoes at the same level to the initial offers at CNY8,000/ton ($1,132/ton) on cash, EXW China basis, and including 13% VAT due to the better market confidence in the country.
Despite the better sentiment, most buyers still make procurements on a need basis. However, the producer opined to SSESSMENTS.COM that the digestion rates of finished products would gradually recover onwards as the lockdown in the other countries has been relaxed and some businesses have been allowed to reopen.
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