Indian homo-PP concluded at higher levels in China

It is reported that a major Indian producer has announced fresh import homo-PP to China today with $10-20/ton higher compared to mid of the month, reaching $1100/ton CFR China, LC 30 days term, for November shipment. These cargoes however are meant for distributors, in which prices to end user stand at $30/ton higher with the same term.

Several deals are reported at $1130/ton, LC 30 days term in Eastern China area with a buyer said, “Very few suppliers open new offer this week and we think this could continue to push market higher.” At the meantime, other players opposed that buying interest is falling as buyers resist high price levels and that could limit the upswing.

In Southern China area, trader are offering the same cargoes at $1150/ton CFR, LC 30 days term though no deals are observed at this benchmark yet. “We are not having any inventories pressure and feeling completely comfortable waiting for demand to catch up,” a trader said.