Domestic PP offers in Indonesia plunged, PE moved in opposite course

Indonesia players in the first trading day of the week reported to have received fresh offers from a major domestic producer with significant reduction on PP cargoes. Though the range of price cut impact the domestic sentiment to a certain extent, this move is very in line with the development observed in distribution market throughout the past two weeks.

The producer’s latest price list and changes are shown in the following table:

Traders in the country regarded the latest price cut as a measure to bring price list closer to the actual market levels with a source commented, “Such big cut might dampen the general sentiment again and likely to push the shied buyers to the side-line. We are monitoring the import ground before taking position.”