Asian PP, PE players discuss market state after US rate hike
“This is not good news for regional currencies as the USD parity will increase further now and hamper buying appetite for import cargoes,” a buyer in Malaysia opined.
The decision was followed by a softening in crude oil prices which pushed LLDPE and PP futures downward a bit. On December 15 and 16, May futures prices on the Dalian Commodity Exchange witnessed cumulative decreases of $28/ton for LLDPE and $13/ton for PP.
A few players in China’s PE and PP markets stated, “Although PE and PP prices remain on a firm note, sentiment might be hampered if the Fed’s impact on crude oil prices lasts longer.”
A source from a Southeast Asian PE producer noted, “The market has become quiet after the news of the Fed’s decision as purchases ceased on the buyers’ side. However, we still expect PE prices in China to maintain a firm note until the end of December as supplies are likely to remain limited until the arrival of deep sea cargoes at the end of the year.”
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Taiwanese major poised to come lower for a 3rd month to Asian PVC markets
- Covid concerns loom large in China, hitting demand and supply-chain
- Egypt’s PVC markets extend drops into January
- SE Asian PP, PE markets look for direction amid tepid demand, rising freights
- European PS, ABS markets open 2022 on firm footing
- Asia PET prices extend gains into January
- China’s PVC exports hit records in 2021; challenge global suppliers
- Stats: Turkey’s PP, PE imports on track for record-setting year
- What to watch in 2022 in polymer markets?
- Turkey’s PE markets retain downtrend as 2021 ends