Import homo-PP prices hit $1000/ton in China, SE Asia
A trader operating in Ningbo, China reported that they received an offer for Middle Eastern homo-PP raffia and injection at $1010/ton on a CIF China, 90 days deferred payment basis, which comes to around $995/ton cash equivalent. The trader commented, “No one is interested in buying import cargoes at the moment due to the weaker yuan. Plus, local availability is sufficient and buyers are able to meet their immediate needs from the local market.”
A second trader, who is offering Saudi Arabian homo-PP raffia at $1000/ton CIF China, cash stated, “Demand remains weak while supplies are ample. We are delaying our purchases in anticipation of seeing lower levels. Demand may improve a bit in the September-October period due to the festival season. However, the strength of demand will depend on developments regarding the general economic situation.” For Southeast Asian origins, a trader reported that they are also offering homo-PP raffia at $1000/ton CIF, cash. “We are concerned with the course of the economy. Demand remains slow and PP prices are drastically declining,” he said.
A Shanghai-based trader reported receiving a Saudi Arabian PP injection offer at $990-1020/ton CIF China, 90 days basis. “Most traders are running their businesses without inventory as no one is feeling confident about the current market situation,” the trader stated.
In China, overall import homo-PP prices are currently reported at $995-1080/ton for raffia and at $975-1065/ton for injection, all on a CIF, cash equivalent basis.
Meanwhile, a woven bag manufacturer in Indonesia reported that he received a PP raffia offer from an Indian source at $1000/ton CIF, cash. “We are still waiting for further decreases and we think that prices will touch around $950/ton CIF soon as energy prices are still moving lower,” he commented.
Another converter based in Vietnam reported that they purchased some homo-PP raffia from their Indian supplier at $1000/ton CIF, cash. The buyer stated, “The Indian producer reduced their prices by $10/ton compared to the start of the week. However, buyers are expecting to see levels as low as $970/ton CIF while we hear that sellers are receiving bids at around $950-970/ton. At the moment, we are purchasing on a need only basis.”
In Southeast Asia, overall import homo-PP raffia prices are reported at $1000-1105/ton on a CIF, cash equivalent basis.
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