- Indian Subcontinent origin $920/ton
- Middle East origin $930/ton
- Far East Asia origin $900/ton
Comments by market players on PP Homo Raffia market as follows:
On June 22, one of the local polyolefins producers in the country informed, “We have adjusted up the offers for PP Homo Raffia between CNY25-50/ton ($3.5-7/ton) as compared to last week’s level. The increases in the futures market is the major ground of the upward price adjustment. Besides, the tight supply and steady demand for this grade also support the price increases.”
A Chinese trader contacted by SSESSMENTS.COM’s team unveiled the latest import offers, “This week we have received import PP Homo Raffia offers from the leading Indian petrochemical producer at $920/ton on LC at sight, CIF China main port basis. The current level is higher by $20/ton as compared to a fortnight ago. So far, buying sentiment is not strong as demand for the end-products remains slow, doubled with the traditional low season for PP. Converters are on the cautious stance and halt any procurement. On the traders’ end, the thin profit margin on the back of high import prices and buyers resistance towards the soar import prices have held traders to be actively doing the trading activities. In the local market, adjustments for PP Homo Raffia are mixed. Some increased the offers by CNY50-100/ton ($7-14/ton) compared to last week, some others decreased the offers by the same amount. Yet, it is normal for the PP Homo Raffia market. At the moment, the relatively low inventory level for PP Homo Raffia could act as a cushion for PP Homo Raffia prices in the spot market from a freefall although buying sentiment is flat.”
Regarding the outlook for PP Homo Raffia market, a trader opined, “It is rather hard to predict the price movement. However, taking into account the availability of PP Homo Raffia in the market, PP prices would be rather stable and not increasing too much.”
“We are offering PP Homo Raffia of South Korea origin at $900/ton on LC at sight, CIF China main port basis. However, buyers gave a cold shoulder towards the offers,” stated a local trader to SSESSMENTS.COM.
A Xiamen-based trader contacted by SSESSMENTS.COM commented, “The impact of COVID-19 is still affecting the buying sentiment for finished products. The layoff persists in every sector, and the income disruption leads to a cautious spending. As suh, converters will be more careful when placing orders. We think converters have already shown resistance towards the offers for July shipment. We are pessimistic that the Golden September and Silver October would take place this year.”
