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Further increases in local PP, PE offers in Indonesia faces resistanceFurther increases in local PP, PE offers in Indonesia faces resistance |
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On the first trading day of the week, a major producer in Indonesia reportedly lifted PP an PE offers to local buyers by $10-20/ton, ending several weeks of following stable to soft trend. The hike apparently bumped into stiff resistance given the persistent lacklustre demand condition.
“Buyers seems to have made sufficient purchases and hence, very irresponsive toward the latest price list. We fear that large discounts might need to be in place in order to attract attention,” a trader said.
The producer’s latest price list and changes are shown in the following table:
