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According to market players, buying interest in China PP market improves markedly today, as futures trading posted significant gains in the past two sessions have revived buyer’s confidence in making fresh purchases. Indeed, sellers are reporting better sales concluded in the first half of today trading session at higher prices.

Local offers added another CNY100-200/t ($15-30/t) compared to yesterday while import homo-PP from Saudi Arabia and Indian gain $30-40/t compared to the beginning of the week to reach $980-990/t CFR China, TT in advance basis. A trader contacted by CommoPlast was too engaged in replying customer’s enquiries to make any comment except saying that buyers are more active in local market than the import market now. 

Another trader added, “We are happy that buyers finally return to the market to make replenishment at higher prices although most deals are for domestic cargoes. Propylene costs have reduced slightly, however, we think this would not affect the market so much as supply for PP from both local and international suppliers is tight. Healthy demand in India and Southeast Asia market would also provide the support for higher prices in the near term.”

Players also informed that auction for coal based PP was sold out this morning. Import homo-PP prices to China today are reported at $980-990/t CFR China, LC 0 -90 days or TT in advance term.

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