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The import homo-PP market in China cools off from the post-National holiday heat and has been sliding approximately USD30/ton on an average over the past two weeks, data from CommoPlast showed. One of the main reasons causing the downturn is the slower demand condition following the correction in the domestic ground.   

At the time this report is published, import homo-PP to China stands at $1220-1310/ton CFR China, LC AS term and several deals have been materialized at the lower end of the overall price range.

“The recent correction on Dalian Commodity Exchange affected the sentiment in the spot ground, which has been constantly declining over the past several trading days. Import market would only regain the momentum if local ground recovers from the on-going slide,” a Chinese buyer said.

Deals for Saudi Arabia and Indian homo-PP yarn have been concluded at $1220/ton CFR China, underlining a reduction of $40/ton compared to the second week of October. “Upstream monomer market would continue to decline on the improving supply condition while the arrival of previously purchased cargoes might ease the recent tightness. Would demand see a significant pickup, market might recover, however, the trade war makes things more cloudy,” a trader added.