A regional trader informed SSESSMENTS.COM that the recent offers for import PP cargoes of Vietnam origin to Indonesia market dispel buyers’ interest. Following the increases in local prices, the offers for import PP Homo Injection and PP Homo Raffia of Vietnam origin to Indonesia recorded stable to slightly increased by $10/ton from last week. However, buyers’ response is reportedly lukewarm and the trader has not received any bids from buyers since last week. The trader stated that most buyers were only asking for the prices and once buyers heard the price level, they are no longer interested in buying materials. At the moment, buyers prefer to source local materials as the offers are more competitive. Moreover, PP demand in Indonesia could not be considered as good amid slow sales for the finished products. To date, end-users are still being careful about their spending, leading converters to keep procurements on an as-needed basis.
Pertaining to the outlook, the trader prefers to only monitor the market movement as the market trend shifting rapidly. However, the trader opined to SSESSMENTS.COM that the demand is predicted to remain the same until the end of July since Eid Al-Adha holiday will have a limited impact on the market. Usually, converters will have to prepare everything several weeks prior to the holiday, but to date, there is no improvement recorded yet.
