PP buyers remain on the sidelines in SEA
A trader offering Indian homo-PP injection and raffia at $1200/ton CIF commented, “We are receiving bids at around $1170/ton and we are struggling to conclude deals as our principle is hesitant to give further discounts. We expect to see re-export offers coming from China soon given the difficulty overseas sellers are facing selling material to China, although we have not seen any firm re-export offers yet.”
A woven bag manufacturer based in Thailand said that they received an offer for Southeast Asian raffia at $1240/ton CIF. “We anticipate further price reductions given softening spot propylene costs and subdued demand. We plan to replenish our stocks once prices fall to around $1180/ton,” the buyer stated.
A converter in Malaysia said that they received an offer for Middle Eastern PP film at $1240/ton CIF. “We are delaying our purchases as we believe that prices still have room to soften. Demand in Malaysia is sluggish given the impending holidays while many converters are still waiting to receive tax refunds from the government,” the buyer stated.
Import prices for homo-PP injection and raffia currently stand at $1200-1300/ton CIF SEA, cash equivalent basis.
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