A Chinese trader contacted by SSESSMENTS.COM informed that the company is being persistent on the import PP Homo Raffia offers and giving out the information pertaining to the current situation in the local PP market. According to the source, this week the company has not received any fresh import offers. At the moment, the trader is offering import PP Homo Raffia of India origin between $820-830/ton on LC at sight, CIF China main port basis. Even though buyers show stiff resistance towards the import offers, the trader is adamant on the offers as PP prices in the local market are also in the upward trend. Regarding Middle Eastern PP Homo Raffia cargoes at $900/ton-level, the trader opined that the offer is ridiculously high and no deals have been concluded so far.
In the local market, BOPP prices from the leading polyolefins producers in the country have increased between CNY100-150/ton ($14-21/ton) as compared to last week’s level. Following the price increases from the producers’ end, BOPP prices in the spot market rose between CNY100-200/ton ($14-28/ton). For PP Homo Raffia, as the spot supply is not ample and the propylene prices are in the uptrend, the offers have inclined between CNY50-100/ton ($7-14/ton) from last week’s level, SSESSMENTS.COM was told.
In the near future, the source stated that PP prices have some room to decrease, taking into account the imported cargoes that will arrive soon, which will lead to an oversupply situation and stiff resistance towards the high-end prices. Once buyers hold procurement activities due to the high prices, PP prices will eventually go down in order to meet market expectations, as stated to SSESSMENTS.COM.
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