SE Asian sellers’ July PP, PE offers to Indonesia move in opposite directions
Although the regional PP markets have been weak given the softening in China’s domestic PP market driven by lower futures prices, the escalating trade war between the US and China as well as the ongoing weakness of demand; Southeast Asian producers have elected to remain firm on their offers for July.
When it comes to PE, July prices came in line with players’ initial expectations, which were calling for rollovers to decreases in the face of weak demand amid the off-season as well as the softening in China’s PE market.
A Southeast Asian producer lifted its July PP offers to Indonesia by $10-20/ton for homo-PP raffia and PPBC inj. while keeping its PPRC inj. offers stable on a monthly basis. On the other hand, the producer cut its July LDPE offers by $40/ton from June.
A different Southeast Asian producer also applied $50-60/ton increases for PP when compared to June while PE offers indicate rollovers on the month.
Affirming the above, data from ChemOrbis Price Index also show that weekly average import homo-PP raffia prices in Indonesia have recently turned upward following firmer prices for July while import PE prices have extended their losses into this week.
Meanwhile, this has been the case in Malaysia as well. A Southeast Asian producer increased its July PP offers by $10-20/ton to the country while cutting its offers by $30/ton for LDPE grades this week.
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