Philippines’ local PP, PE markets witness increases
A woven bag manufacturer reported that they purchased some April shipment domestic homo-PP raffia from a local producer at PHP50000/ton ($939/ton without VAT) on an FD, cash inc VAT basis. According to the buyer, the producer issued an increase of PHP4000/ton ($85/ton) on their offers when compared to their previous levels. “Demand for our end products is regular nowadays. However, we feel that the recent PP hikes may not be sustainable over the medium term as prices may drop back to the levels seen before the Chinese New Year holidays once the turnaround season is over,” he commented.
Another woven bag manufacturer reported that the Philippines’ local PP and PE markets have tracked a firmer trend recently given healthy demand. He stated, “Local producers have limited quotas for both PP and PE nowadays. For PE, LLDPE supplies from the Middle East are also tight. We believe that prices will follow a firm path until the end of May.”
A plastic bag manufacturer reported that a local producer raised their domestic prices by PHP5000/ton ($106/ton) for PP and by PHP2000/ton ($42/ton) for PE this week. According to him, the producer’s offers currently stand at PHP52000/ton ($976/ton without VAT) for PP raffia and at PHP62000/ton ($1164/ton without VAT) for LLDPE and HDPE film, all on an FD, cash inc VAT basis. The converter opined, “Our supplier informed us that the producer may implement further increases of PHP2000/ton ($42/ton) for PP and PHP1000/ton ($21/ton) for PE next week. Hence, we secured some LLDPE and HDPE film from them at their offer levels. Buying interest for our end products is quite good at the moment and we expect to see better demand in the coming days.”
Another bag manufacturer also reported receiving PP raffia offers from a local producer with an increase of PHP2000/ton ($42/ton) at PHP52000/ton ($976/ton without VAT). “A local producer has not been able to make any PP deliveries since last week as they have been facing some problems at their plant. However, they are expected to resume their deliveries at the end of this week. Meanwhile, we see regular demand for our end products,” he stated.
In the Philippines, local PP raffia prices currently stand at PHP50000-52000/ton ($939-976/ton without VAT) on an FD, cash equivalent basis inc VAT. For PE, local LLDPE and HDPE film prices are quoted at PHP62000/ton ($1164/ton without VAT) with the same terms.
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