Chinese players: Import homo-PP gallops higher amid limited supply

According to Chinese players, traders in the country initiate the new week with a fresh round of price hike on import homo-PP claiming firmer upstream costs and tight international supply as the support. In fact, dutiable homo-PP offers are $20-30/t higher than late last week to reach $900-950/t CFR China, LC AS term.

A trader in Ningbo lifted offers for Saudi Arabia and Indian homo-PP cargoes by $20-25/t to reach $950/t CFR China, said, “We are currently not having many pallets in hand and we wish to test the market acceptance level. Supply for homo-PP raffia is especially short and we expect the firming trend to sustain till April. We think that international suppliers are not in rush to announce new price before they become more certain regarding the possible extent of further price hike.”

Meanwhile, another major Saudi Arabia maker decided to increase $30/t on their cargoes said, “We are not having much quantity this month and we expect the Chinese PP market to continue the firming trend in the near term. Looking at the current situation, we think that that Southeast Asia market might see PP offer breech the $1000/t threshold.”

Kindly visit the Daily Price section for the latest import and local prices to/in China and Southeast Asia market.