A Vietnamese converter expressed to SSESSMENTS.COM that June PP prices will make a rollback to below the threshold level as the current levels are deemed unattractive. In comparison to a week earlier, the offers for import PP Homo Raffia from a Thai producer surfaced with an increment of around $5-10/ton cited limited allocation as the reason. While for Saudi cargoes, the offers from a producer edged lower by $10/ton on the low-end of the price range and kept stable on the high-end of the price range. From another Saudi producer, the offers for import PP Homo Raffia are available at $850/ton on LC at sight, CIF Main Port basis, which is deemed too high. The trader added that offers below $800/ton-level are only available for long-distance cargoes. Thus, the offers for import PP Homo Raffia of South Africa at $790/ton with the same payment and delivery term deemed unattractive considering the lead time.
As stated to SSESSMENTS.COM, the trader skip the procurement activity for this week as the offers are deemed too high and unattractive. “We believe that we will be able to procure Middle Eastern cargoes at below $800/ton-level in June, hence, we prefer to only monitor the market movement at the moment,” the trader added.
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