A Ningbo-based trader contacted by SSESSMENTS.COM’s team revealed that PE and PP offers in the domestic market have started to enter a correction period. According to the trader, offers for local PE and PP cargoes in China are currently on a downward trend. Offers for localized Middle Eastern PE cargoes via the trader decreased by CNY100-200/ton ($14-28/ton). Likewise, local PP Homo Raffia offers dropped by the same amount. All compared to last week’s levels
While for import cargoes, the trader has yet to receive new offers for both PE and PP cargoes. While from trader’s end, offers for Saudi PP Homo Raffia remain stable from a fortnight ago. For PP Homo Injection, the trader is offering cargoes from the same origin at $925/ton on LC at sight, CIF China Main Port basis. However, due to the weak buying sentiment, no deals concluded yet. For the outlook, the trader opined to SSESSMENTS.COM that PE and PP offers in China still have room to decrease further in the near future.
