Indian major resumes PP offers after a long absence in global markets
The producer’s new prices for PP raffia were reported at $1420-1430/ton to Turkey, 1380-1390/ton to SEA and $1500/ton to Nigeria, all CIF, cash.
A producer source said that they had to step back from their initial targets as they faced some resistance from buyers. “Buyers found our initial offers unworkable and we could conclude some deals with some discounts at $1420-1430 CIF Turkey, cash,” the source stated. PP raffia offers from the producer had been absent from the Turkish market almost since the beginning of 2015.
The producer also commented that buying interest towards their offers is quite good in Southeast Asia while their supplies are sufficient nowadays. “However, we are not offering any material to China as competitively-priced local cargoes have made the Chinese market less attractive,” said a source from the company’s regional office.
In Nigeria, meanwhile, a sack manufacturer received an offer from the producer at $1500/ton CIF, cash. He commented, “Although PP prices are very high now, buyers have to accept these high levels in order to meet their immediate needs.”
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