Local PP markets cautiously firmer in Vietnam, Indonesia
In Indonesia, a local producer applied additional increases of around $10/ton on its domestic PP offers at the start of this week. Local PP prices in the country have been tracking a stable to firmer trend since mid-April despite the fact that demand gradually slows down ahead of the imminent start of Ramadan.
A trader in Jakarta commented, “PP prices have maintained their slightly firming trend so far. However, we are not sure if the recent increases will prove sustainable as the month of Ramadan is to start this week.” Another trader added, “We are adopting a firm stance on our local PP offers as we are feeling free from any sales pressure. Demand has been slower as most buyers have already secured their needs ahead of Ramadan.”
Local PP prices in Vietnam have also recorded some modest gains over the past weeks mostly due to the fact that the firming trend inside China helped sentiment improved in the country.
A packaging converter noted, “Coal-based PP supplies from China have been quite limited recently. Hence local suppliers are more confident when seeking price increases. Higher spot propylene prices in Asia also contribute to the current scene.”
According to data from ChemOrbis Price Wizard, the weekly average of spot propylene prices on FOB South Korea basis is currently standing at its highest levels since early February.
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