Converters: local PP, PE prices lose ground in Philippines
A sack manufacturer reported that that they received new prices with decreases compared to their pre-holiday levels at PHP70000/ton FD Philippines, cash including VAT ($1399/ton without VAT) for PP raffia and injection.
The buyer stated that their buy ideas are standing at around PHP60000-62000/ton ($1199-1239/ton without VAT) and commented, “We expect the producer to revise their prices downward again in the coming week as players in the local market find their new levels to be high. We are receiving a lot of inquiries from our customers after the holiday period. However, purchases are likely to be small-scaled as players expect to see further decreases.”
A plastic bag manufacturer, meanwhile, reported receiving new domestic PE prices with reductions at PHP72600/ton FD Philippines, cash including VAT ($1451/ton without VAT) for both LLDPE and HDPE film. He said, “Demand for our end products is doing well nowadays. We are not in a hurry to secure raw material at the moment as we are covered for now.”
Locally-held PP and PE prices were last reported prior to the holidays at PHP78000-79000/ton FD Philippines, cash including VAT ($1559-1579/ton without VAT) for PP raffia and injection and at PHP73000/ton ($1459/ton without VAT) with the same terms for HDPE and LLDPE film.
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