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Import homo-PP prices see further declines in China

by ChemOrbis Editorial Team -
  • 13/01/2015 (12:12)
Players in China report that import homo-PP prices witnessed further reductions at the start of the week as ongoing reductions in crude oil prices are undermining late December expectations that the market would stabilize after the holidays. NYMEX crude oil futures fell $2.29 to settle at $46.07/barrel on Monday while Brent crude lost $2.68 to settle at $47.43/barrel. According to media reports, analysts at Goldman Sachs are predicting that NYMEX crude oil futures will sink to $41/barrel while Brent crude will drop to $42/barrel within the next three months.

On the Dalian Commodity Exchange, May PP futures closed slightly higher on Tuesday at CNY7188/ton ($1002/ton without VAT). Week over week, May PP futures are down CNY409/ton ($67/ton).

A trader based in Shantou reported receiving offers at $1000/ton CFR, cash for Iranian raffia while adding that they also received offers for Saudi Arabian and Indian cargoes at $1030/ton CFR, 90 days. “Prices have been steadily declining since the holidays and most buyers are reluctant to place orders as they expect to see further reductions in the days ahead. We do not expect to see any real improvement in demand over the short term,” the trader commented.

Another trader said that they received offers at $1000/ton CFR, cash for Iranian homo-PP and at $1030-1040/ton with the same terms for Saudi Arabian material. “We do not expect to see any real turnaround in the market until after the Chinese New Year holidays in late February,” the trader stated.

Import prices for dutiable homo-PP injection and raffia cargoes are down $30-130/ton from the previous week to be quoted at $1000-1067/ton CFR China, cash equivalent basis, with the steepest declines being recorded at the top end of the range.
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