Philippine’s JG Summit gives new PP, PE offers
A converter based in Indonesia reported receiving an HDPE blow moulding offer from the producer at $1590/ton CIF, cash. The buyer commented, “Our end product business is doing okay nowadays and we are planning to make a large-scale purchase. However, we remain cautious about the market outlook as crude oil and spot ethylene prices are still decreasing. Hence, we may postpone our purchase to December.”
Meanwhile, inside the Philippines, a trader reported that they purchased 1000 tons of homo-PP raffia and film cargoes from JG Summit at PHP86900/ton ($1738/ton without VAT) and PHP90200/ton ($1804/ton without VAT) respectively, both on an FD, cash inc VAT basis. The buyer said, “We find local offers to be more competitive than imports nowadays.”
A woven bag manufacturer in the Philippines also reported that they have ordered more than 1000 tons of homo-PP materials from the producer at PHP85800/ton ($1716/ton without VAT) for raffia and at PHP89100/ton ($1782/ton without VAT) for film grades, both on an FD, cash inc VAT basis. The converter said, “We expect to see lower import offers in the near term as the local producer has started to supply the market.”
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