Local PP prices in Thailand hit multi-year lows
A woven bag manufacturer stated, “Local PP prices continue to fall as demand is worsening in line with lower upstream markets. Buyers are keeping to the sidelines ahead of the approaching year-end holidays in anticipation of further reductions on offer levels. Supplies, meanwhile, are not problematic.”
A second converter made similar comments, adding, “Weaker crude oil prices are weighing down the markets. We purchased some local PP raffia and injection this week at THB39000/ton ($1085/ton) on an FD, cash basis and our done deal level is suggesting a decrease of around THB4000/ton ($111/ton) when compared to the offer levels we received last week. We are not planning to build stocks in the short term due to the ongoing decreasing trend.”
A trader also commented, “Demand remains quite poor while local suppliers are facing sales pressure due to their high stocks nowadays. A local producer issued a decrease of THB1000/ton ($28/ton) on their domestic offers this week. We feel that the market will continue to follow a decreasing trend in the near term.”
In Thailand, local homo-PP prices are currently reported at THB38000-39000/ton ($1057-1085/ton) for raffia and injection and at THB39500/ton ($1098/ton) for film, all on an FD, cash equivalent basis. According to ChemOrbis Price Index, the range indicates decreases of around THB500-2500/ton ($14-70/ton) when compared to last week.
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