Local maker slashes PP prices in Indonesia as demand wean; PE remains stable

A major local producer in Indonesia has cut local PP prices by $10-20/ton from last week on the back of weaning demand condition. The cuts are deemed inevitable given the fact that distribution market has made more competitive offers since a week before.

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

“Demand is very weak at the moment and buyers are still hoping for additional reduction ahead. The persistent sluggish demand condition is making it very difficult not only for local suppliers but also overseas sellers to achieve deals. We are losing confidence in the near-term outlook,” a trader said.