Local PP market continues to soften in Indonesia, PE sustains stable to firmer trend

It is reported that a major domestic producer in Indonesia has announced fresh weekly offers with additional reduction on PP cargoes, while PE remains relatively stable.

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

Further reduction on PP prices prompt concern among local players considering the firmer stance observed in the import ground. Cautious buyers continue to adopt wait and see approach while several others are planning to make new purchases. “We think market is nearing the bottom and might proceed with new buy soon. Demand for our end product is steady, though not as strong as the previous year, a source informed.