A Chinese trader contacted by SSESSMENTS.COM stated that import PP offers have met another round of adjustment, yet the price trend is out of tune with current buying sentiment. As reported, the latest offers for PP Homo Raffia from the leading Indian petrochemical producer emerged in the China market with an increase of $20/ton as compared to a fortnight ago. Meanwhile, import offers for PP Block Copolymer from a Saudi producer are available at $950/ton on LC at sight, CIF China Main Port basis. The offers were surely increased but the trader is unable to disclose the exact number.
Responding to the offers, the trader lamented to SSESSMENTS.COM that the current uptrend in import PP offers is unsuitable with buying sentiment in China. At the moment, demand for PP resins is sluggish following the dull sales for converters’ end-products amid low season based on traditional patterns. Besides, converters are objecting to high prices. On the other side, Chinese traders prefer not to be active in trading activities for a while due to high import prices. So far, deals for import PP cargoes were limited to zero.
In the local market, the trader informed SSESSMENTS.COM that the prices fluctuate between CNY50-100/ton ($7-14/ton). Some sellers adjusted down while some others increased the offers. The trader opined that sellers might be a bit mixed with the market condition since the low inventory in the local market could be the reason for PP prices to remain firm but weak buying sentiment could drag local PP prices down.
