News Code : 43141

Petrotahlil:

Firm futures, oil rally support uptrend in China PP market
• Local PP rises for third week in a row 
• Import PP continues to follow locals higher
• Dalian PP futures up CNY58 on week 
• Local polyolefin inventories move lower 
• Crude oil prices rally on diminishing supply
• Import homo-PP raffia ($/ton): 1030-1120 CIF
 
SEA PP market stays firm on promising demand
• Import homo-PP market up further by $10-20 on week 
• Buying interest continues to improve 
• Firmer China PP market also supportive 
• Crude oil futures notably up on lower stocks 
• Local PP markets remain on a stable to firmer note
• Import homo-PP raffia, inj. ($/ton): 1060-1120 CIF
 
July sharp drops slightly spur PP buying appetite in Italy
• Buyers start to purchase July volumes 
• Drops in line with C3 pass on deals 
• Demand slightly improve on low PP prices 
• Early Aug voices show up stable 
• PP prices may be near the bottom
• Local spot (€/ton): Homo-PP 1080-1180 | PPBC 1130-1230 FD
 
Are PP prices near the bottom in Europe?
• €80 reductions pass on PP deals 
• Buying interest is quite vivid on multi-year low prices 
• Players discuss whether prices will bottom out 
• PP prices hit lowest level since Nov-Dec 2017 
• Trend is expected to remain unchanged for H2 July
• Local spot (€/ton): Homo-PP 1140-1240 | PPBC 1190-1290 FD
 
Turkey’s PP market sees first hike attempts after two months
• Sellers took firmer stance on lost premium over China 
• Low ends for raffia, fibre fade later in the week 
• Buyers don’t rush for purchases 
• Crude prices highest since late May
• Local ($/ton): Raffia 1350-1390 inc VAT 
• Import Saudi ($/ton): Raffia 1040-1080 | Fibre 1150-1180 CIF

 

Suppliers approach Mid-Eastern PP markets with rollovers to decreases
• Initial offers in line with expectations 
• Buyers remain unresponsive to lower offers
• Players feel uncertain about upcoming trend
• Local PP in S. Arabia ($/ton): Raffia and inj. 1130-1150 FD 
• Import PP in UAE ($/ton): Raffia and inj. 1100-1150 CIF
 
Egypt’s OPC unveils July PP offers with notable decreases
• More import offers for July surface softer 
• OPC cuts July offers by EGP1292-1672 
• Demand remains limited amid poor activities 
• Local prices maintain soft trend
• Import PP ($/ton): Raffia 1080-1160 CIF
 
July PP offers down on softer costs, poor demand in Africa
• ELEME keeps offers unchanged from June 
• Bearish upstream markets support soft sentiment 
• North and South African markets expect drops
• Imports in Kenya ($/ton): Homo PP 1120-1140 CFR 
• Imports in Nigeria ($/ton): Homo PP 1180 CFR

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