- Far East Asia origin $790-810/ton
- Middle East origin $820-900/ton
- Southeast Asia origin $800-870/ton
Comments by market players on PP Homo Raffia as follows:
“We have received May shipment offers from a Saudi producer for PP Homo Raffia between $150-170/ton higher than April shipment’s deals, at $900/ton on LC at sight, CIF Vietnam Main Port basis. Similarly, offers from a Thai PP producer were also hiked by $40/ton on a weekly comparison. Most of the current offers this week are too high, especially for Saudi cargoes. We believe that the producer will eventually revise down their prices soon. At the moment, the reason behind the high prices is good sales to China market in the previous week,” a Vietnamese trader reported on April 20.
“On Monday, April 20, we received offers for PP Homo Raffia from a Vietnamese producer at $860/ton on LC at sight, CIF Indonesia Main Port basis. Considering the slump in crude oil prices, we think that such a level is insanely high. We also received other offers for PP Homo Raffia from a South Korean producer at $790-810/ton on the same payment and delivery term. The prices are slightly lower compared to Vietnamese cargoes, still, such a level is not attractive. Meanwhile, offers from Middle Eastern suppliers remain absent since mid-March,” an Indonesian trader revealed to SSESSMENTS.COM.
“This week, we received offers for PP Homo Raffia of Middle East origin at $820-830/ton on LC at sight, CIF Indonesia Main Port basis. However, we decided not to submit bids as the prices are quite high. We perceived that the offers for Middle Eastern cargoes should be around $730/ton-level considering the plunge in crude oil prices and the difficulties in selling the cargoes amid Coronavirus lockdown in most countries,” a converter based in Indonesia commented.
A Thai polyolefins producer contacted by SSESSMENTS.COM informed, “Our latest offers for PP Homo Raffia to Indonesia market dropped by $60/ton compared to a week earlier. So far, we heard that demand for PP Homo Raffia is still ongoing.”
“We still did not give official offers to Indonesia this week and only quoted prices for customers who inquired. So far, there are some customers that have submitted inquiries to our company. However, we have not decided the quotation prices yet as we still need to monitor the market further, especially after the fall in crude oil prices at the beginning of the week. Speaking of the Indonesia market, most companies in the country are closed due to the awful sales for end-products in the midst of social restrictions. Besides, the prohibition of mudik (exodus) during Eid Al-Fitr holiday will further dampen the demand,” a regional trader said.
A global trading house stated to SSESSMENTS.COM, “Recently, we received lots of inquiries from Indonesian buyers. However, we do not have any offers at the moment since the Saudi producer already diverted their cargoes to China market and other markets owing to better netback and demand. Besides, the producer did not gain a good response from Indonesian buyers last week.”
“On April 23, we received offers for PP Homo Raffia from a Saudi producer at $900/ton on LC at sight, CIF Vietnam Main Port basis, which is by $150/ton higher than the deals concluded for April shipment. At the same time, we also received offers from a Thai PP producer at $30-40/ton higher than last week’s level, available at $840-850/ton on the same payment and delivery term,” a Vietnamese converter reported to SSESSMENTS.COM.
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