Having high inventory pressure, the leading Indonesian polyolefins producer decided to export PP Homo Raffia cargoes, sources reported to SSESSMENTS.COM. For the past few weeks, the producer has been sitting on high inventory level as market sentiment turned more bearish amid pessimistic macroeconomic conditions. In the domestic market, the producer reportedly has been selling aggressively and pushing cargoes at attractive prices to boost sales this week.
For the week commencing July 20, one of the Chinese traders reported on receiving fresh PP Homo Raffia offers for August shipment from the leading Indonesian polyolefins producers. As informed, the trader received import offers for PP Homo Raffia directly from the producer at $990/ton on LC at sight, CIF China Main Port basis. However, the trader did not proceed with purchases after considering the quality of the materials.
Additionally, SSESSMENTS.COM was informed that in the previous week, a Vietnamese trader was offering the producer’s materials to China market, but unwilling to disclose the exact price quotation. In response, most customers in China submitted a bid at $930/ton on LC at sight, CIF Main Port basis. However, the trader refused to accept any bids below $960/ton-level as the company is unwilling to entertain requests for steep discounts.
