Local PP prices still firm in China
A trader reported that most producers keep low inventories while buyers are mostly sourcing on an as needed basis only as it is easy to find material nowadays.
Another trader commented, “The G20 Summit and planned shutdowns will result in less availability in the market. We do not think that the impact of G20 will be significant as converters will also need to shut their plants.”
Most players expect prices to follow a stable trend in June while adding that they feel that the market is due for some upward movement in the second half of the year. A trader stated that they are taking a cautious stance towards the market and are refraining from building extra stocks.
Local PP ranges currently stand at CNY7000-8900/ton ($911-1159/ton without VAT) for PPBC injection, CNY6880-7250/ton ($896-944/ton without VAT) for homo PP raffia and at CNY6950-7700/ton ($905-1003/ton without VAT) for injection, all on an ex-warehouse China, cash inc VAT basis.
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