Import PP prices above $1000/ton becoming scarce in SE Asia
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.
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