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For the second time this week, a major local producer in Indonesia has lifted both PP and PE offers regardless of the absence of buyers. It is worth noting that HDPE film offers has firmed up for four consecutive weeks, accumulating a total gain of IDR2,050,000/ton ($151/ton), with limited supply and strong ethylene costs are the main driver.

The producer’s latest price list and changes are shown in the following table:

There has not much changes in term of market sentiment given the absence of buyers during the holiday week. Speculation however persist around the notion that the supplier’s main intention of lifting offers was not to close deals at the moment, but to create a firm start for the new year. “It is a table turned-around for HDPE film market. We are not confident if buyers could accept the latest offer,” a market source added.