Mid-Eastern PP raffia hits $1200 CIF China for first time since May
by Merve Sezgün - msezgun@chemorbis.com
Import PP prices in China headed north last week after almost a three-month of stability. The upturn has gained momentum this week amid low availability and surging futures, with Middle Eastern homo-PP raffia and injection offers hitting the $1200/ton CIF threshold for the first time since May.
Traders offered Mid-Eastern raffia at $1200-1210/ton CIF, cash, up around $50-70/ton from last week.
Import PPBC injection prices for Middle Eastern origins have also witnessed hefty hikes from last week to hit the $1230-1250/ton CIF, cash levels, meanwhile.
Players mostly attributed the recent hikes in import prices to limited availability as overseas suppliers continue to focus on other export outlets where they still can enjoy better netbacks.
“The market is well supported by the cost side amid rising crude oil futures. Higher local prices as a result of surging Dalian futures have also lifted sentiment in the import market. Demand has slightly improved due to the peak season. Buyers are willing to replenish their stocks ahead of the National Day holiday,” a trader explained.
Regarding the upcoming capacities inside China, players said, “The implementation of the energy consumption curbs has forced many PP producers to reduce operating rates or shut their plant temporarily, which might offset the upcoming capacities.”
Traders offered Mid-Eastern raffia at $1200-1210/ton CIF, cash, up around $50-70/ton from last week.
Import PPBC injection prices for Middle Eastern origins have also witnessed hefty hikes from last week to hit the $1230-1250/ton CIF, cash levels, meanwhile.
Players mostly attributed the recent hikes in import prices to limited availability as overseas suppliers continue to focus on other export outlets where they still can enjoy better netbacks.
“The market is well supported by the cost side amid rising crude oil futures. Higher local prices as a result of surging Dalian futures have also lifted sentiment in the import market. Demand has slightly improved due to the peak season. Buyers are willing to replenish their stocks ahead of the National Day holiday,” a trader explained.
Regarding the upcoming capacities inside China, players said, “The implementation of the energy consumption curbs has forced many PP producers to reduce operating rates or shut their plant temporarily, which might offset the upcoming capacities.”
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- Supply limitations bolster Feb PP and PE outlook in Turkey
- China’s import PP markets climb to 6-month highs prior to Lunar New Year
- Weak activities press import PE, PP suppliers for discounts in Egypt
- Price erosion continues inside Middle Eastern polyolefins markets
- European PP, PE markets open 2023 with renewed drops
- Tight supply keeps expectations bullish in Turkey’s PVC market
- End of China’s ‘zero-COVID’ stance: Double-edged sword for Asia PVC, PP and PE markets
- Mid-Eastern sellers approach China, SE Asia and Turkey with firmer PP, PE prices for Jan
- Egypt’s local PE, PP markets head north as pound plunges to new low
- Styrenics markets reverse slump after months-long downtrend in Europe
