More traders cut homo-PP prices in local Indonesia

Earlier this week, a major local producer in Indonesia slashed homo-PP offers to domestic market in an attempt to encourage purchasing activities. Today, players in the country reported receiving approximate $20/ton discount in the distribution market, bringing offers to $1220-1240/ton without VAT, FD Indonesia, cash term.

A trader offered locally held Vietnamese homo-PP at IDR‎16,350,000/ton ($1220/ton) without VAT, FD Indonesia, cash term said, “Buyers are not very active at the moment with most taking wait and see stance hoping to see additional discounts. With the current import market situation, we fear that local offers might soften again in the coming days.”

Buyers received locally produced homo-PP offers at IDR‎16,560,000/ton ($1235/ton) without VAT, FD Indonesia, cash term with a market source added, “We think local offers shall go below the IDR16,000,000/ton ($1200/ton) threshold considering the latest done-deal for Middle Eastern cargoes. Therefore, we plan to just source on need basis until next month.”