PP prices witness upward movements after holidays
In China, the PP market opened the post-holiday period on a firmer note with several sellers attempting price increases based on limited stock levels. However, players commented that many buyers are still away from their desks and are expected to return to the market next week. In the import market, prices for homo-PP injection and raffia mostly remained firm at their pre-holiday levels to be quoted at $817-852/ton on a CFR China, cash equivalent basis. A trader offering imported PP commented, “Import prices for PP are up by around $20-40/ton compared with the pre-holiday period. We believe that deals will be achieved at higher levels after the holidays.” A distributor offering PP raffia to the local market at CNY6600/ton ($858/ton without VAT) on an ex-warehouse, cash inc VAT basis stated, “PP prices are up around CNY200/ton ($30/ton) after the holidays. We believe that the size of any price increases will be limited as most converters will only return to the market next week.” An agent of Sinopec stated, “Our supplier is holding comfortable stock levels, but we believe that this pressure will be relieved next week once buyers return to the market. We anticipate a recovery in demand at the beginning of March while the cracker maintenance season in Asia will help keep prices firm.” Meanwhile, a producer source reported, “Import prices have slightly firmed up. Currently, we are not offering any materials as we have already sold out our February allocation. We will start giving offers for March shipment toward the end of this month.”
PP prices witness upward movements after holidaysIn China, the PP market opened the post-holiday period on a firmer note with several sellers attempting price increases based on limited stock levels. However, players commented that many buyers are still away from their desks and are expected to return to the market next week. In the import market, prices for homo-PP injection and raffia mostly remained firm at their pre-holiday levels to be quoted at $817-852/ton on a CFR China, cash equivalent basis. A trader offering imported PP commented, “Import prices for PP are up by around $20-40/ton compared with the pre-holiday period. We believe that deals will be achieved at higher levels after the holidays.” A distributor offering PP raffia to the local market at CNY6600/ton ($858/ton without VAT) on an ex-warehouse, cash inc VAT basis stated, “PP prices are up around CNY200/ton ($30/ton) after the holidays. We believe that the size of any price increases will be limited as most converters will only return to the market next week.” An agent of Sinopec stated, “Our supplier is holding comfortable stock levels, but we believe that this pressure will be relieved next week once buyers return to the market. We anticipate a recovery in demand at the beginning of March while the cracker maintenance season in Asia will help keep prices firm.” Meanwhile, a producer source reported, “Import prices have slightly firmed up. Currently, we are not offering any materials as we have already sold out our February allocation. We will start giving offers for March shipment toward the end of this month.”
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