A Malaysian converter informed SSESSMENTS.COM that to date, the company is still waiting for final confirmation of latest bid for Qatari LLDPE Film C4 cargoes. Last week, the converter submitted a bid for Qatari LLDPE Film C4 at $40/ton lower than the initial offers at $840/ton. However, the supplier rejected the bid and gave counter-offers at $865/ton, yet the converter was unwilling to accept such a level. Coming to this week, the supplier is offering the same product at $30/ton lower than the initial offers received last week, available at $830/ton. The converter submitted bids at $20/ton lower than the initial offer level. However, at the time of publication, no confirmation yet from the supplier. For US cargoes, considering the high prices and longer lead-time, the converter stated that current offers available in the market are unworkable. All import offers are on LC at sight, CIF Malaysia Main Port basis.
More added, the converter plans to purchase more volume if demand for finished products picks up. However, as no improvement was seen from the export market so far; according to the converter, now is not the perfect time to purchase more volume. On the other hand, the converter believes that the market has entered a correction phase; as such, the converter will continue to monitor market movements in anticipation of lower PE prices in the days to come, as stated to SSESSMENTS.COM.
