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Import homo-PP prices see fresh gains in China, SE Asia

by ChemOrbis Editorial Team - content@chemorbis.com
  • 09/08/2017 (17:36)
Chinese players reported that the import homo-PP market posted additional gains this week mainly due to low import supplies in the country as sellers prefer to divert most of their allocations to markets other than China due to better netbacks. The steady firming trend that has been in place for the past four weeks also found extra support from firmer PP futures on the Dalian Commodity Exchange, which increased by more than $55/ton when compared to the beginning of this month as of August 9.

In China, a Ningbo-based trader noted, “Traders are free from inventory pressure as import PP allocations are limited. Therefore, the uptrend for PP remains in place with support from low supplies and stronger futures market.”

In Southeast Asia, import homo-PP prices have also been posting increases for over a month under the influence of firmer local and import homo-PP prices in China. Plus, several regional producers approached the region with increases on their August offers.

In Thailand, an agent of a Middle Eastern producer reported their supplier’s offers increased by $10/ton to $1090-1100/ton CIF when compared to last month.

In Vietnam, a converter informed that PP prices gained further ground this week. “We received Saudi raffia offers at $1120/ton CIF this week, which is $30/ton higher from last week. Although we are covered until September, we worry that prices will rise further in the days ahead.”

The overall homo-PP raffia range in China increased by $20-35/ton so far this week to $1065-1080/ton CIF while import homo-PP prices in Southeast Asia are up by $10/ton from last week at $1090-1170/ton CIF.
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