European PP buyers obtain larger discounts than c3 in July
A West European producer, who started offering with €50/ton decreases, is feeling that they might not be able to close deals with such decreases due to the downward pressure that stems from lower import offers for the new shipments, which is adding to an already well-supplied market.
A buyer, whose spot deals for European homo PP inj. indicate €70/ton decreases, said, “We will call other suppliers too as we plan to build stocks as prices are below our expectations.”
More activity was expected to take place in the PP market this month as both sellers and buyers were depleting stocks given the soft trend since May and their expectations about seeing the bottom.
A distributor offering on behalf of a Middle Eastern producer said, “Demand has started July on a strong note as we have already received some orders.”
Although demand has improved in July to some extent, the possible impact of this might be confronted by competitive import offers if they continue to surface in the coming term.
Spot PP prices in Italy were reported €50-60/ton lower from the latest June deals at €1080-1210/ton for PPBC inj. and at €1030-1160/ton for homo PP FD, 60 days.
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