July shipment PP offers from the leading Indian petrochemical producer to China surfaced following local market trend, a Chinese trader told SSESSMENTS.COM. The trader disclosed to that leading Indian petrochemical producer is offering PP Homo Raffia at $800/ton for July shipment, and the company purchased some volume at the initial offer level. Transactions were on LC at sight, CIF China Main Port basis. As revealed, this is the first time the producer resumed offering to the market after a while, as the producer had sold a lot in April. As compared to April’s level, July shipment offers have increased by $50/ton.
Similarly, the trader is offering local PP Homo Raffia cargoes at CNY100-150/ton ($14-21/ton) higher from a day earlier, following local producers’ moves as triggered by firmer crude oil and futures prices. The trader stated that buying sentiment is better than a day before, as some converters started to replenish their stocks, but some are still doing the wait-and-see stances. For the outlook, the trader opined to SSESSMENTS.COM that local PP prices should be stable to firmer in the near future.
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