US PP raffia breaks below $1000/ton threshold in SEA
This week, the pressure was more visible as US PP raffia offers retreated further by $35-45/ton and broke below the $1000/ton threshold to be currently reported at $985-995/ton on CIF Vietnam, cash basis. The remaining offers in the import market stood at and above $1030-1050/ton CIF SEA, cash and therefore, this US offer was considered quite attractive.
Many Middle Eastern and Southeast Asian origins were mostly stable this week while Chinese offers responded to the downward pressure stemming from competitively priced US cargoes.
Chinese PP offers posted a $30/ton decrease on the high end to be reported at $1050-1070/ton on CIF SEA, cash.
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