Saudi PP raffia traded lower in China
by ChemOrbis Editorial Team - content@chemorbis.com
According to players in China, done deals for Saudi Arabian homo-PP raffia are currently concluded with decreases due to a downward shift in sentiment stemming from retreating futures markets.
An agent of a Saudi producer stated, “Import PP prices have been declining since the beginning of the week as futures recorded notable losses. Demand is thin at the moment while inventory levels of Sinopec and CNPC increased compared to last week.”
The agent reported that the producer was initially seeking $1100/ton CIF, cash for PP raffia, but they conceded to giving $30-40/ton decreases on their offer and concluded deals at $1060-1070/ton. “Our customers are now placing bids at $1050/ton CIF,” he added.
A trader operating in China commented, “PP sentiment was affected significantly by the recent drops in futures prices. Buyers who already have sufficient inventories retreated to the sidelines in anticipation of seeing lower levels. Most traders currently offer Saudi PP raffia at $1080/ton CIF, cash while we just received an offer from a Saudi producer at $1070/ton with the same terms.”
In China, the overall range for import homo-PP raffia prices is currently quoted at $1040-1090/ton on a CIF, cash equivalent basis.
An agent of a Saudi producer stated, “Import PP prices have been declining since the beginning of the week as futures recorded notable losses. Demand is thin at the moment while inventory levels of Sinopec and CNPC increased compared to last week.”
The agent reported that the producer was initially seeking $1100/ton CIF, cash for PP raffia, but they conceded to giving $30-40/ton decreases on their offer and concluded deals at $1060-1070/ton. “Our customers are now placing bids at $1050/ton CIF,” he added.
A trader operating in China commented, “PP sentiment was affected significantly by the recent drops in futures prices. Buyers who already have sufficient inventories retreated to the sidelines in anticipation of seeing lower levels. Most traders currently offer Saudi PP raffia at $1080/ton CIF, cash while we just received an offer from a Saudi producer at $1070/ton with the same terms.”
In China, the overall range for import homo-PP raffia prices is currently quoted at $1040-1090/ton on a CIF, cash equivalent basis.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- SE Asian PP, PE markets look for direction amid tepid demand, rising freights
- European PS, ABS markets open 2022 on firm footing
- Asia PET prices extend gains into January
- China’s PVC exports hit records in 2021; challenge global suppliers
- Stats: Turkey’s PP, PE imports on track for record-setting year
- What to watch in 2022 in polymer markets?
- Turkey’s PE markets retain downtrend as 2021 ends
- Asian PP, PE markets to start 2022 on a bearish note
- PET bottle prices rise 40% in 2021 across Asia
- Egypt’s PVC markets set to end 2021 on weaker footing
