Saudi PP raffia traded lower in China
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.
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