Mid-Eastern homo-PP offers below $1100/ton disappear in China
A manufacturer of packaging films purchased some Saudi raffia at $1110-1120/ton CIF, cash. The buyer said, “Import homo-PP offers continue to firm up and sellers are no longer willing to sell below the $1100/ton level. Still, we made a purchase from the import market as we find the current local offers to be too high to be accepted. We are building stocks as demand is likely to remain healthy ahead of the holidays in October.”
A few players noted that the number of import PP offers to China has reduced recently as some suppliers prefer to sell to Vietnam, where better netbacks are achievable.
A masterbatch producer in China received homo-PP raffia offers for a Saudi origin at $1110-1130/ton CIF, cash. “Despite the recent slight losses in the futures market, the firming trend has been maintained in both import and local PP markets. We are receiving a limited number of offers for overseas origins nowadays,” he commented.
A trader based in Hong Kong added, “PP prices remain on a firm path as demand is much better when compared to the first half of the year. Converters are replenishing their stocks in line with their expectations of seeing higher PP prices in the near term. Supply is limited in the import market.”
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