Singaporean maker lifted mPE offers to China, Indonesia

A major Singaporean producer has reportedly lifted import mPE offers by $20/ton from last week to both China and Indonesia, sending the latest prices to $1280-1290/ton and $1320/ton respectively, all based on CFR/CIF, LC AS.

Tight availability is one of the main reasons supporting the uptrend, sources said and several buyers have expressed the intention to proceed with purchases at the new price levels.

“Our end product demand is steady at the moment. The producer had maintained offers unchanged over the past several weeks despite higher prices from other suppliers. We plan to make some replenishment to maintain a safe level of stock,” an Indonesian buyer said. 

Meanwhile, Chinese players are speculating that the producer has been focusing on the upstream market recently, leading to lower downstream PE output, which in turn, support the higher prices. The producer also lifted LLDPE C4 film to China to $1150/ton CFR, LC AS.

“There is also some stimulation from the agricultural film sector, but we are negotiating for the previous price level,” a buyer added.