Polypropylene Weekly highlights,Aug22.
Petrotahlil :
China PP prices extend losses on subdued demand.
• Import homo-PP down for third week
• Cautious mood prevails amid tumbling yuan
• Jan PP futures down CNY191 since early week
• Local polyolefin supplies still high
• Planned/unplanned PP shutdowns in India, Russia, SEA
• Import homo-PP raffia ($/ton): 1000-1040 CIF
Import homo-PP market sinks to 2-year low in SEA.
• Initial Sept PP offers indicate rollovers to decreases
• Pressure from bearish China PP market continues
• Buyers stay sidelined as they expect further price cuts
• Tightness fails to pull local PP prices up in Indonesia
• Vietnam’s Nghi Son plans PP maintenance in Nov
• Import homo-PP raffia, inj. ($/ton): 1010-1120 CIF
Rollovers pass on initial Aug PP deals in Italy.
• Some PP deals closed at stable levels for Aug
• Sellers are satisfied with their sales so far
• Buyers are ready to leave their desks for holidays
• Early Sept projections are calling for an uptrend or stability
• Buyers are skeptical about an upturn on lower energy costs
• Local spot (€/ton): Homo-PP 1070-1180 | PPBC 1120-1230 FD
August PP prices remain stable on calm demand in Europe.
• PP sellers issue rollovers in their Aug prices
• A few deals concluded at stable levels
• Buyers are about to leave the market for holidays
• Early expectations showed up stable to firmer for Sept
• Buyers are at odds about possible hikes
• Local spot (€/ton): Homo-PP 1130-1240 | PPBC 1180-1280 FD
Turkey’s PP market returns from holiday with further softening.
• Post-holiday demand is discouraging
• Fibre-raffia gap still above $100 on average
• Converters report poor export demand
• Weak China adds to downward pressure
• Turkey-China gap narrows to $25 on average
• PP shutdowns in Asia, Russia yet to raise supply concerns
• Local ($/ton): Raffia 1320-1360 inc VAT
• Import Saudi ($/ton): Raffia 1020-1030 | Fibre 1120-1140 CIF
August PP deals concluded stable in Mid-East.
• Demand remains dampened as holiday mood lingers
• Players expect no major changes for near term
• Traders eye monomer markets for possible strategies for Sept
• Local PP in S.Arabia ($/ton): Raffia and inj., 1070-1090 FD
• Import PP in UAE ($/ton): Raffia and inj., 1100-1150 CIF
Egypt's local PP market resumes softening on weak activities.
• Import deals wrapped steady to soft from initial levels
• Local PP raffia, film down by EGP200-500 from pre-Eid levels
• Cash flow issues hamper trading activity
• Players voice softer expectations for September
• Import PP ($/ton): Raffia and inj. 1050-1120 CIF
African PP players receive stable to soft offers for Aug.
• Aug offers in Kenya mostly unchanged
• Nigeria's import PP market down by $50
• ELEME's new Aug offers lower by around $55
• Import PP in Morocco ($/ton): Raffia and inj. 1136 CIF
• Import PP in Kenya ($/ton): Raffia and inj. 1080-1120 CFR
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