A source from South Korean PP producer informed SSESSMENTS.COM on the latest adjustment of import PP offers to China market. According to the source, offers for PP cargoes were adjusted down almost on a daily basis due to the fierce competition on the market. On a weekly comparison, PP Homo Raffia and PP Homo Injection from the producer decreased by $60/ton. Despite the reduction, at the time of publication, no deals concluded yet.
Further added, one of the producer’s customers specializing in home appliances production have started to lay-off employees as their customers in some main export destination countries, such as Australia, USA, and Europe have cancelled orders due to the Coronavirus outbreak. Looking at the current situation, the producer opined to SSESSMENTS.COM that import PP prices might break $700/ton-threshold level in the near term.
