Local PP, PE prices move lower in Philippines
A woven bag manufacturer stated, “Local PP prices retreated due to slow market activities. We think that demand will get worse once the rainy season starts next week.” A trader added, “Local PP and PE prices witnessed declines due to slow demand. A local producer, meanwhile, delayed their deliveries owing to an unexpected issue at their plant.”
Local PP prices in the Philippines currently stand at PHP68000-71000/ton ($1361-1421/ton without VAT) for raffia and at PHP70000-72000/ton ($1401-1441/ton without VAT) for film, both on an FD, cash equivalent basis inc VAT. These ranges indicate decreases of PHP1000-2000/ton ($22-44/ton) compared to last week, according to data from ChemOrbis Price Index.
In the local PE market, players also reported lackluster demand and stagnant activities. ChemOrbis Price Index shows that local HDPE film prices are down around PHP2000/ton ($44/ton) on the week to be currently reported at PHP71000-72000/ton ($1421-1441/ton without VAT) FD, cash equivalent inc VAT.
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