Import PPH prices fall below $900 mark in China
by Pınar Polat - ppolat@chemorbis.com
In China, import homo-PP prices have been on a stable to softer trend since the end of the Lunar New Year holiday in February, and the pace of losses has accelerated this week. Spot prices have fallen below the $900/ton CIF threshold for the first time since late December 2022, according to ChemOrbis Price Index data.
Accordingly, the weekly average of PPH raffia prices has hit $875/ton CIF China, cash, the lowest levels since June 2020, data also suggest.
The supply pressure at home amid new capacities and falling costs, as well as persistently weak demand have kept spot prices under downward pressure along with the concerns over the global economy.
A trader reported offering Saudi homo-PP raffia offers at $860/ton CIF, cash this week, down by $60/ton from last week. “The recent fall in spot prices is driven by a surge in supply. Suppliers are increasing their production rates as costs have decreased. However, demand has been mostly weak this week due to a downtrend. China is currently in the off-season for PP, it is unlikely that there will be an improvement on the demand front, and in turn, spot prices.”
In China, the overall import homo-PP raffia and injection prices are currently reported at $850-900/ton on CIF China, cash basis. The range is down by $40-50/ton from last week.
Accordingly, the weekly average of PPH raffia prices has hit $875/ton CIF China, cash, the lowest levels since June 2020, data also suggest.
The supply pressure at home amid new capacities and falling costs, as well as persistently weak demand have kept spot prices under downward pressure along with the concerns over the global economy.
A trader reported offering Saudi homo-PP raffia offers at $860/ton CIF, cash this week, down by $60/ton from last week. “The recent fall in spot prices is driven by a surge in supply. Suppliers are increasing their production rates as costs have decreased. However, demand has been mostly weak this week due to a downtrend. China is currently in the off-season for PP, it is unlikely that there will be an improvement on the demand front, and in turn, spot prices.”
In China, the overall import homo-PP raffia and injection prices are currently reported at $850-900/ton on CIF China, cash basis. The range is down by $40-50/ton from last week.
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