Local PP prices decline in Philippines
A bag manufacturer stated that demand for their end products remains slow. “The ongoing depreciation of the Philippine peso against the US dollar continues to hinder import activities. We received a homo-PP raffia offer from the local market at PHP52000/ton ($981/ton without VAT). However, we placed a bid PHP2000/ton ($42/ton) below this offer as we believe that prices still have room for additional drops in the near term,” the buyer commented.
Local PP raffia prices in the Philippines currently stand at PHP52000-55000/ton ($981-1038/ton without VAT) on an FD, cash equivalent basis inc VAT.
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