Southeast Asian maker stepped back on homo-PP offers to Indonesia

Indonesian buyers resumed working after the long Ramadan holidays receiving fresh import homo-PP offers from Singapore and Philippines suppliers with increases to $1120-1130/ton CIF term. These prices bumped into strong resistance, which forced these suppliers to down adjust their offers to smoothen sales process.

In fact, buyers informed of $20/ton reduction from initial offers given earlier this week for both origins, bringing latest levels to $1100-1110/ton CIF Indonesia, LC AS term. A converter commented, “We think these prices are still high in spite of the adjustment. Domestic materials based on free delivery (FD) term are traded at the same range, therefore we prefer to meet immediate need from local suppliers for now.”

Another buyer reported to have purchased Thailand’s homo-PP at $1080/ton CIF Indonesia added, “Other suppliers might have to keep prices at the similar level in order to attract buying interest. Local sellers are offering at ‎$1110-1125/ton FD Indonesia, cash term, which becomes the benchmark for market. We have comfortable inventories for this month.”

Import homo-PP from non-dutiable origin to Indonesia currently stand at $1080-1150/ton CIF, LC AS term.