Saudi's homo-PP offered lower in China

According to market sources, a major Saudi Arabia producer has announced fresh homo-PP prices to China with $30-50/ton lower compares to last week, reaching $1000/ton CFR China, LC 60 days. Players attributed such reduction to the mounting pressure from low cost USA cargoes.

A trader informed, “Customers are negotiating very hard pointing to the further reduction USA suppliers are offering this week. We prefer to monitor further market movement before deciding on the next move, considering firm upstream costs and the upturn of the futures market.”