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It is reported that Indian homo-PP yarn has reached the $1080/ton in China on the final trading day of the week, breaching below the $1100/ton threshold for the first time in 12 months. 

The import homo-PPyarn market in China has been constantly moving lower since mid-October after the aggressive purchasing activities send prices in this market to the multi-year high levels. This week, the steep plunge in the domestic spot market and Dalian Commodity Exchange becomes the dual-force hampering the market sentiment.

“The steep reduction in spot homo-PP yarn offer is much in line with expectation. The price gap between spot and futures trading was too large and there must be a correction. At the moment, we do not see the bottom yet,” a buyer said.

Data from CommoPlast showed that the average value for import homo-PP yarn to China based on CFR, LC 0-90 days term has dropped more than $150/ton from the peak during early October this year. At the time this report is published, the price range stands at $1080-1200/ton with the same term.