Import PP prices above $1000/ton becoming scarce in SE Asia
by ChemOrbis Editorial Team - content@chemorbis.com
According to players in Southeast Asia, offers for import homo-PP above the $1000/ton threshold are becoming scarce nowadays as more Chinese sellers are re-exporting their cargoes to the region in the face of ongoing bearish sentiment in China.
A trader stated that buyers are now waiting on the sidelines in anticipation of seeing lower levels in the coming days. The trader is currently offering Saudi raffia at $970/ton and Indian raffia at $980/ton, both on a CIF Indonesia, cash basis. A second trader, whose Indian raffia offer stands at $990/ton CIF Vietnam, cash, stated, “Buyers are not in a hurry to make fresh purchases at the moment. This is increasing inventory pressure on sellers.”
In the Philippines, a converter reported receiving a coal based Chinese raffia offer at $970/ton CIF, cash. “We did not accept this offer as we did not find it to be competitive,” the buyer said.
Meanwhile, an Indonesian converter was offered Vietnamese raffia with a $50/ton decrease at $1040/ton CIF, cash. The buyer commented, “Demand is limited and we believe that Southeast Asian origins will decrease below the $1000/ton threshold in the near term.”
Import homo-PP raffia prices are currently standing at $970-1050/ton on a CIF SEA, cash equivalent basis. Within the range, Indian, Middle Eastern and South Korean PP cargoes are offered at $970-990/ton while prices for non-dutiable Southeast Asian origins stand at $1020-1050/ton.
A trader stated that buyers are now waiting on the sidelines in anticipation of seeing lower levels in the coming days. The trader is currently offering Saudi raffia at $970/ton and Indian raffia at $980/ton, both on a CIF Indonesia, cash basis. A second trader, whose Indian raffia offer stands at $990/ton CIF Vietnam, cash, stated, “Buyers are not in a hurry to make fresh purchases at the moment. This is increasing inventory pressure on sellers.”
In the Philippines, a converter reported receiving a coal based Chinese raffia offer at $970/ton CIF, cash. “We did not accept this offer as we did not find it to be competitive,” the buyer said.
Meanwhile, an Indonesian converter was offered Vietnamese raffia with a $50/ton decrease at $1040/ton CIF, cash. The buyer commented, “Demand is limited and we believe that Southeast Asian origins will decrease below the $1000/ton threshold in the near term.”
Import homo-PP raffia prices are currently standing at $970-1050/ton on a CIF SEA, cash equivalent basis. Within the range, Indian, Middle Eastern and South Korean PP cargoes are offered at $970-990/ton while prices for non-dutiable Southeast Asian origins stand at $1020-1050/ton.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- Turkey’s PE market stuck between weak fundamentals and up pressure from China
- Firming PP trend falters in China’s local market
- European players question if bottom is near for PE
- Asian ABS players turn cautious after recent rally
- July PVC dealt lower in Europe, what lies ahead for August?
- China’s Jan-May total polymer imports hit a record of nearly two decades
- India’s local PVC market soars to 6-month high after customs hike
- China’s export PET market faces correction after rising 10% from two-year-low
- Spot propylene moves in opposite directions in Asia and Europe
- European PS hits year-to-date low on July drops
