Russian PP shows up at low ends in China, SEA, Turkey
In Turkey, Russian PP raffia from an irregular source has shown up recently at $1280-1300/ton CFR, cash, subject to 6.5% duty. A buyer receiving this offer said, “A large trader offered this level at the PlastEurasia Fair. We were using this material years ago but I don’t know whether or when it will come.”
Russian raffia emerged in China as well at quite competitive prices of $1150-1200/ton CFR, cash, players reported. This is the only origin that has broken below the $1200/ton threshold in China so far this week while other mainstream origins including Middle Eastern and Indian were reported at $1215-1245/ton CFR, cash equivalent basis. Several players argue that offers below $1200/ton could represent short sales, however.
Similarly an import PP injection price at $1200/ton showed up in Southeast Asia on a CFR, cash basis from Russia. Players in the region consider it as an irregular origin. It also stands at least $70/ton below other dutiable mainstream origins in the import market as Middle Eastern and Indian PP injection, which were offered at $1270-1300/ton with the same terms.
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