Import PP raffia prices sink below $900/ton in China
by ChemOrbis Editorial Team - content@chemorbis.com
A trader based in China reported that import homo-PP raffia prices witnessed additional downward movements at the end of the week, pushing prices below the $900/ton threshold. The trader was offered Indian raffia at $900/ton CFR China, 90 days deferred payment basis and Saudi raffia at $910/ton with the same terms. These levels come to $887/ton and $897/ton, respectively, on a cash equivalent basis.
The trader commented, “Import PP prices continue to decrease in the face of persistently weak demand amidst sufficient supplies stemming from the addition of new coal based capacities. We continue to receive offers from suppliers; however we are only purchasing small amounts from our regular supplier in order to maintain our relationship.” He highlighted that the recent losses in crude oil prices have also pushed buyers to the sidelines while PP futures prices on the Dalian Commodity Exchange witnessed a visible drop of CNY187/ton ($29/ton) on a daily basis on November 13.
Import homo-PP raffia prices are currently reported at $887-970/ton on a CFR China, cash equivalent basis. According to data from ChemOrbis Price Index, the range suggests the lowest levels seen since 2009.
The trader commented, “Import PP prices continue to decrease in the face of persistently weak demand amidst sufficient supplies stemming from the addition of new coal based capacities. We continue to receive offers from suppliers; however we are only purchasing small amounts from our regular supplier in order to maintain our relationship.” He highlighted that the recent losses in crude oil prices have also pushed buyers to the sidelines while PP futures prices on the Dalian Commodity Exchange witnessed a visible drop of CNY187/ton ($29/ton) on a daily basis on November 13.
Import homo-PP raffia prices are currently reported at $887-970/ton on a CFR China, cash equivalent basis. According to data from ChemOrbis Price Index, the range suggests the lowest levels seen since 2009.
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