Local PP, PE prices move higher in Philippines as peso depreciates
According to traders, the local producer raised its PP and PE prices by PHP1000/ton ($19/ton) when compared to last week to PHP69,000/ton ($1201/ton without VAT) for homo-PP raffia and injection, at PHP70,000/ton ($1219/ton without VAT) for homo-PP film and HDPE film and at PHP71,000/ton ($1236/ton without VAT) for LLDPE c4 film, all on an FD Philippines, cash equivalent including VAT basis.
A trader commented, “Local prices increased mainly due to the depreciation of the Philippine peso against the US dollar. We also heard that the local producer is feeling free from sales pressure nowadays thanks to its earlier exporting activities for large quantities.”
A converter added, “The producer increased its offers in line with the depreciating peso against the US dollar. We are not interested in making fresh purchases as we are already covered for the next three months.”
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