Local PP prices move lower in Philippines
A plastic bag manufacturer stated that local PP prices retreated by PHP1000/ton ($21/ton) at the start of the week. He commented, “Buyers are still not interested in replenishing despite the recent reductions, which we found to be quite small considering the current global trends. On the buyers’ side, additional decreases are expected ahead of the holidays. Meanwhile, demand for our end products is good nowadays thanks to the traditional high season.” The buyer added that he expects the current softening trend to continue at the start of 2016 as he believes that crude oil prices will soon hit $35/barrel.
A second converter also stated, “PP demand is slowing due to the upcoming holidays. We are also not planning to build high stocks ahead of the New Year as we are planning to shut our factory on December 21 for around one week. We are not worried about replenishing as we believe that PP prices still have room for additional decreases.”
Local PP raffia prices in the Philippines currently stand at PHP55000-56000/ton ($1044-1063/ton without VAT) on an FD, cash equivalent basis inc VAT. The current prices suggest the lowest levels seen since December 2009, when ChemOrbis Price Index for the Philippines’ local PP market was first launched.
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