Malaysian major continues slashing PP, PE offers to Indonesia

A major Malaysian producer has opened May shipment offers to Indonesia with reductions from the previous month. This is the third consecutive reduction since February 2020 as the regional demand got hit by the COVID-19 outbreak. 

Latest price list and changes are shown in the following table:

Indonesian buyers are holding back new purchases, especially import cargoes, in the presence of competitive local materials and the disadvantage of the currency exchange rate. 

“We are very concerned over the near-term outlook given the plunging energy complex and the start of the fasting month. Except for a couple of grades, we prefer to source small quantity from local suppliers for now,” a converter said.