Local PP, PE market continue to advance on the back of weakened Rupiah

A major domestic producer in Indonesia decided to introduce $15/ton hike on all PP and PE cargoes to domestic buyers, tracking the depreciation of the Rupiah against the US dollar.

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

Local buyers are rather concerned over the development fearing that the Indonesian Rupiah might depreciate further, which push local prices higher. “We are monitoring closely the demand condition for any sign of panic buying. At the moment, buyers still ask for old offer levels,” a trader said.