Middle Eastern import PP prices soften in SEA
A trader based in Vietnam reported receiving offers for Saudi Arabian homo-PP at $1030/ton CIF, cash while adding that they are planning to place bids at $1000/ton. “Crude oil prices are softening and we believe that this will maintain downward pressure on the market in the days ahead. We consider purchasing from Saudi Arabia to be a risky proposition these days as the material will take 40 days to arrive,” the trader stated.
Another Vietnamese trader said that they received offers from a Saudi supplier with a $20/ton decrease at $1060/ton CIF, cash. “Demand is slow and crude oil prices are decreasing, so we believe that trading activity will remain sluggish in the days ahead,” the trader commented.
In Indonesia, a woven bag manufacturer said that they received a raffia from a Saudi major at $1070/ton CIF, cash. “We find this level to be high, but would be willing to purchase at $900/ton. We are also starting to see lower prices from the domestic market and we plan to wait for a while longer before making our next purchase,” the converter reported.
Another Indonesian converter said that they received an offer for Saudi raffia at $1050/ton CIF, cash while adding that they are delaying their purchases as they think that prices still have room to move downwards.
Import prices for Middle Eastern homo-PP injection and raffia are currently being quoted at $1030-1080/ton CIF SEA, cash equivalent basis, $20-60/ton below last week’s range.
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