Import PP offers to Indonesia on the stable to firmer track this week on the stronger crude oil market. While still willing to negotiate with serious buyers, it appears that most sellers are in no mood to return to the previous week’s price levels anytime soon...
While holding bearish expectations on the near term outlook, market participants also mind the mass production cuts in China and South Korea that might bring the scale of supply-demand back to balance, hence, restricting rooms for sharp price reduction ahead.
The local PE market swing dramatically this week – a development Indonesian players said to be a result of sellers attempting to find the acceptance levels among buyers following the sharp drop in crude oil prices. Spot offers climbed higher on the first trading day of the week but drop every day since then.