Saudi's homo-PP touches the $1200/ton mark in Indonesia

A major Saudi Arabia producer has lifted March delivery offers for homo-PP to Indonesia by $80-90/ton compared to earlier this month, reaching $1190-1200/ton CIF Indonesia, LC AS term.

Buyers are very surprised with such aggressive price decision since demand in the country remains weak. Besides, several non-dutiable cargoes are also offered at similar levels at the moment. A buyer commented, “We think this new offer is too high and market might not be able to accept. Domestic cargoes are still holding more competitive position at the moment. For us, we have replenished sufficient cargoes and in no rush to make fresh purchases.”