Import homo PP below $1000 becoming scarce in SEA
According to ChemOrbis Price Index, the overall homo PP import market was reported at $990-1115/ton CIF SEA, cash, up $10-15/ton on the week. The low end was formed by a deal for South African raffia concluded in Vietnam. Other than this, all offers were reported above the $1000/ton threshold.
In the meantime, Middle Eastern raffia prices, which stood at $980-990/ton CIF SEA in mid-August and were found competitive at the time, were not repeated this week. They were reported in the range of $1010-1050/ton with the same terms, as of the end of this week.
Yet, players generally agree that this upturn does not find support from the demand side. “It is a cautious firming as demand is still muted in most parts of the region,” commented a trader in Philippines. Another trader pointed to the depreciating local currencies and said, “This factor may keep the interest low for imports.”
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