- Far East Asia origin $800-870/ton
- Middle East origin $760-780/ton
- Southeast Asia origin $790-850/ton
Comments by market players on PP Homo Raffia as follows:
A local converter in Indonesia commented, “This week, we received import offers for Emirati PP Homo Raffia cargoes at $760/ton on LC at sight, CIF Indonesia Main Port basis. However, we have not submitted bids yet as we are still waiting for other suppliers’ offers to come out.”
“Indian and South Korean PP Homo Raffia cargoes are available at the same level to the leading Malaysian polyolefins producer’s cargoes at $800/ton on LC at sight, CIF Indonesia Main Port basis. While offers for Middle Eastern PP Homo Raffia cargoes are available at $760-780/ton on the same payment and delivery term. The overall demand for PP resins in Indonesia is not strong at the moment. No improvement was seen even though Custom Duty Borne by Government (BMDTP) will come soon, as the PP market remains sluggish due to the COVID-19 outbreak,” an Indonesian trader commented to SSESSMENTS.COM.
A Vietnamese trader shared with SSESSMENTS.COM on the outlook for PP prices in the country, “Offers for Chinese and South Korean PP Homo Raffia stood at the same level at $820/ton on LC at sight, CIF Ho Chi Minh Port. However, we think deals might be concluded at $10/ton lower than the initial offers for big volume purchases. Demand-wise, PP demand is better compared to last week as more buyers willing to make procurements after the social isolation in Vietnam was lifted. As such, we believe that in the near term, PP prices will slightly increase.”
A local converter in Indonesia stated to SSESSMENTS.COM, “By the end of April, 3 containers of Vietnamese PP cargoes will arrive in the port, while the other 3 containers are expected to arrive on May 7. Demand-wise, ever since large-scale social restrictions (PSBB) was imposed, domestic demand is sluggish. Most shops and retailers are forced to close.”
“This week, a Thai PP producer decided to roll over prices for PP Homo Raffia from last week at $850/ton on LC at sight, CIF Vietnam Main Port basis, however, the quantity is limited,” as stated by a local trader in Vietnam.
“We received offers for PP Homo Raffia of Malaysian and Vietnamese producers at $850/ton and $860/ton, respectively, on LC at sight, CIF Manila Port. However, we do not have any plan to submit bids at the moment as we could not move cargoes if the PP prices keep moving down. While for Middle Eastern cargoes, we did not get any fresh offers for this week,” a Philippines trader stated to SSESSMENTS.COM.
A Vietnamese converter commented, “a Thai PP producer maintains firm offers for PP Homo Raffia at $850/ton on LC at sight, CIF Vietnam Main Port basis. However, we think this level is unworkable, as such, we prefer to halt procurements and monitor the market at the moment. Vietnam PP market is hard to predict, we have no idea whether the price will go up or down next week.”
“We received offers for PP Homo Raffia of South Korea origin at $830/ton on LC at sight, CIF Vietnam Main Port basis. No deals concluded as buyers still expect a lower level. Pertaining the Coronavirus outbreak, currently, the pandemic is under control, and school will open in the next two weeks. However, the PP market is hard to predict; hence we do not expect anything,” a Vietnamese trader shared with SSESSMENTS.COM.
Click below to view related stories and content on SEA PP:
NewsSSESSMENTS: Indonesian Trader Adjusted Local PP Offers, Deals Remain Scarce
