Import PP prices post further declines in China, Vietnam
A trader based in China said that they received offers for Saudi Arabian homo-PP injection and raffia at $1440-1450/ton CFR, 90 days deferred payment. “We believe that more sellers will move below the $1500/ton threshold in the coming week as demand is limited and most buyers are purchasing only minimal quantities while waiting to see when the market will stabilize,” the trader stated.
Another trader said that they received offers for Indian raffia at $1455/ton CFR, cash for prompt shipment and at $1430/ton with the same terms for January shipment cargoes. “Prices on the lower end of the range are becoming more common in the market and we are reluctant to take a position until we have a clearer picture of the market trend,” the trader stated.
In Vietnam, players report that import PP prices below the $1500/ton threshold began to emerge at the end of the week. A converter manufacturing household products reported receiving offers for Saudi Arabian and South Korean homo-PP injection at $1460/ton CIF, cash. “We think that prices still have room to move down, so we are not planning to replenish our stocks at the present,” the buyer commented.
A converter manufacturing plastic containers said that they received offers for South Korean homo-PP injection and raffia at $1460/ton CIF, cash. “We think the supplier is able to give an attractive price as the cargoes they are offered have an MFI value of 8, which has only recently begun to be offered in the Vietnamese market. Other suppliers are trying to maintain prices above the $1500/ton threshold, but we believe that this level will be unsustainable given the ongoing declines in upstream markets,” the buyer reported.
The overall ranges for homo-PP injection and raffia currently stand at $1422-1640/ton CFR China, cash equivalent basis and at $1460-1670/ton CIF Vietnam, cash equivalent basis.
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