- China origin $800-820/ton
- Indian Subcontinent origin $760-780/ton
- Middle East origin $750-780/ton
Comments by market players on PP Homo Raffia as follows:
“This week, the offers for Middle Eastern PP Homo Raffia cargoes were decreased between $90-100/ton as compared to a fortnight ago. Likewise, Indian PP Homo Raffia cargoes also significantly declined by $120/ton compared to the same period. Meanwhile, offers for PP Homo Raffia of Malaysia origin nosedived from $910/ton-level to $760/ton-level month over month. To date, we managed to sell Middle Eastern PP Homo Raffia cargoes at $770-780/ton on LC at sight, CIF Indonesia Main Port basis,” an Indonesian trader reported on Monday, April 6.
“We received offers for Singaporean PP Homo Raffia at $810/ton on LC at sight, CIF Thailand Main Port basis, with a minimum purchase of 100-200 tons. However, we decided not to take the cargoes since we believe that our customer will not be interested,” a Thailand-based trader informed SSESSMENTS.COM.
“It has been two weeks since we shut our factories due to lockdown and during that time, we are also not really following the price trend. At the moment, we believe that other market players are also the same,” a trader based in the Philippines commented.
A Vietnamese trader contacted by SSESSMENTS.COM stated, “Currently, all suppliers are attempting higher prices following the upward trend in the China market. Last week, we sold Saudi PP Homo Raffia cargoes at $730-750/ton. But this week, buyers’ bids were mostly at $730/ton or $40/ton lower than the initial offer levels, which were deemed too low by the suppliers. From China, the offers for PP Homo Raffia went up by $20/ton from last week, yet, no customers are willing to take the cargoes. All offers are on LC at sight, CIF Vietnam Main Port basis”
“We submitted bids to a Thai PP producer for PP Homo Raffia cargoes at $720/ton, or $30/ton lower than the initial offer level. However, the producer was firm on the deal level and unwilling to go lower. Eventually, we decided to take 1,000 tons of PP Homo Raffia from the Thai producer at the initial offer level. We also received offers for PP Homo Raffia of China origin at $40/ton higher than last week’s level. We did not proceed with procurement as the prices are unattractive,” a converter based in Vietnam told SSESSMENTS.COM.
“Same as last week, we are still not giving official offers to the Indonesia market this week. However, if there are some inquiries from buyers, our quotation price for PP Homo Raffia cargoes of Vietnam origin is $20/ton lower than last week’s level,” as informed by a regional trader.
“Following the rebound in the domestic China market, we attempted to offer PP Homo Raffia cargoes to the Vietnam market at $800/ton on LC at sight, CIF Vietnam Main Port basis. However, most markets outside China apparently still could not accept high prices at the moment. As such, the offers gained cold responses from buyers,” a China-based trader reported to SSESSMENTS.COM.
As of Thursday, April 9, a trader based in Thailand informed SSESSMENTS.COM, “The latest export offers for PP Homo Raffia from a Thai PP producer to Vietnam lowered between $10-20/ton compared to a week earlier. Some customers placed bids at $750/ton on LC at sight, CIF Vietnam Main Port basis, or $20/ton lower than the initial offer level, but the bids were rejected by the producer. Eventually, some deals were concluded at the initial offer level. At the moment, we are no longer offering as all of our PP allocation from the producer for this week has been sold out. Regarding the uptrend in China, buyers showed an opposite reaction. Some were more willing to procure materials, while some others remain unmoved as believed that the uptrend would be short-lived.”
