As stated to SSESSMENTS.COM, a Singaporean PS producer has shrugged off a bid submitted by a Malaysian converter, which captured $320/ton lower than a Vietnamese producer’s offers to the Southeast Asia market. As SM prices keep falling, a local converter in Malaysia submitted a bid for Singaporean GPPS Injection cargoes at $650/ton on LC at sight, DAP Malaysia basis. However, the producer rejected the bid as the level is considered too low. “We were planning to purchase around 2,000 tons,” the converter added.
As cases of the coronavirus continue to climb, the converter mentioned that Malaysian government has announced a two-week extension of a national lockdown as part of stepped-up measures to curb the spread of the virus. The movement control order (MCO), which was originally set to expire on March 31, will now continue until April 14. “We think that the lockdown will have grave implications for the country's economic growth. We might see 5-10% of local companies going bankrupt if this problem persists,” the converter opined.
