A trader in China reported to SSESSMENTS.COM that the local PP price trend has shifted and buyers are uninterested in purchasing import cargoes. The trader received offers for PP Homo Raffia from India at $40/ton higher compared to two weeks ago while offers from Saudi increased by $30/ton from last week’s levels. Offers for cargoes of the two origins now stand at $900/ton on LC at sight, CIF China main port basis. So far, no buyers are willing to purchase at such a high level, even hedgers, as the import parity is higher than September 2020 PP contract prices. Besides, local PP prices have dropped by CNY100/ton ($14/ton) compared to last week.
Local PP Homo Raffia offers on cash, EXW China basis and including 13% (all equivalent in USD excluding VAT)
Import PP Homo Raffia offers on LC at sight, CIF China main port basis
