Major Indian producer cuts homo-PP offers to China

A major Indian producer reportedly reduced their homo-PP prices to China on the first trading day of the week by $60/ton compared to last month to reach 970/t, CFR China, LC 30 days term. Players attributed such abrupt movement to persistent weak buying interest in both domestic market and international ground.

A trader received the new offer commented, “Firmer futures prices have failed to stimulate trading activities today and that might indicate a diminishing confident levels amongst buyers. The outlook is really cloudy and we are considering the new offer at the moment.”