A Chinese trader reported having difficulties in selling import Middle Eastern PP cargoes and revealed to SSESSMENTS.COM regarding the changes in local prices. On May 8, the trader received import offers for PP Homo Raffia of US origin at $810/ton on LC at sight, CIF China Main Port basis. Considering the long delivery time coupled with a bearish outlook for the PP market in the days to come, the trader decided not to take the cargoes.
Meanwhile, the trader is currently offering Middle Eastern PP Homo Raffia at $10-20/ton higher than last week’s level. However, the trader told SSESSMENTS.COM that it is rather hard to sell the cargoes as most buyers are on a wait-and-see stance at the moment. Market talks have it that import PP Homo Raffia offers of India origin are available in the China market at $830/ton on LC at sight, CIF China Main Port basis.
In the domestic market, the trader mentioned to SSESSMENTS.COM that local PP Homo Raffia offers are moving in-line with the futures market prices. As informed, the latest offers for local PP Homo Raffia in the spot market went down between CNY100-200/ton ($14-28/ton) compared to a day earlier. More added, not only prices, the trader opined that the softer futures market prices will also lead to sluggish buying sentiment.
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