Domestic PP, PE offers in Indonesia follow stable to soft trend

Indonesian buyers on the first trading day of the week reported receiving fresh weekly PP and PE offers from a major domestic producer at the stable to softer levels. Most PE cargoes see $10-20/ton reduction, while homo-PP remains unchanged from the previous announcement.

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

Purchasing interest has yet to see any major improvement, defying market expectation for better market condition ahead of the Ramadan season. “Stringent tax scheme is hurting businesses and we are not expecting healthier demand in the near term,” a trader commented.