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.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Rising energy and feedstock prices prompt further gains in Asia PET markets
- Upward trend gains momentum in China's import PP, PE markets
- Egypt’s import PVC market in short supply; local prices gear up
- December hints at further hikes in Europe’s PS, ABS markets
- Global polymer markets face soaring freights amid pent-up demand
- RCEP to boost Asia-Pacific polymer trade; will global PP, PE trade flows change?
- PVC sellers’ India pricing strategy may differ from other Asian markets
- More US PE offers find way to China, SE Asia; yet allocations still limited
- European PVC market hits 2-year high on tightness
- Supply constraints send key ABS markets to new highs