Import PP prices on a rising trend in SEA

In Southeast Asia, import offers for homo-PP are in a rising trend this week, with offers at the lower end becoming increasingly scarce and a number of sellers approaching the market with price increases on their November offers.   Sellers point to firming prices in the Chinese market as well as rising upstream costs as the main reasons for the increasing price trend.  The overall offer range for homo-PP raffia stands at $1075-1180/ton CIF SEA, cash equivalent basis this week, an increase of $30-65/ton when compared with the prior week.

Converters in Indonesia report that they have received offers from regional suppliers with price increases of $40-90/ton from the most recent offers they received, although these converters commented that they are not interested in making purchases just yet as they are skeptical of the ability of the current rising trend to remain in place beyond the short term.  Meanwhile, a converter in the Philippines said that they purchased some Indian raffia this week at $1100/ton CIF Philippines, an increase of $55-65/ton from their most recent purchase price.