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...- European PE markets set for 2nd bullish month on rising costs
- Turkey’s PP and PE markets propelled to a firm start to H2 despite vulnerable conditions
- Asian PVC sees V-shaped recovery in Q2, what will Q3 bring?
- Will capacity additions cast cloud on ethylene upsurge in Asia?
- US PVC offers in Egypt rise steadily but resistance grows in tandem
- PE buyers’ resistance grows in SEA; duty-free origins more competitive than Mid-East
- Polymer demand cools in Turkey: Is price correction ahead for PP, PE and PVC?
- China’s rising PET trend takes a pause, but longer-term outlook remains firm
- Uptrend in China’s import PP market continues but cautious mood returns
- Hikes in Asia July PVC offers baffle some buyers, further rally under discussion
