SEA PP market down further on poor demand

Petrotahlil :

SEA PP market down further on poor demand

• Buyers cautious on prolonged trade war 

• Local PP markets remain stable to soft 

• Players monitor fi­rmer PP futures in China 

• The outcome of G20 summit awaited 

• Fluctuating crude oil also blurs outlo­ok

China PP retreats further amid bearish sentiment

• Poor demand pulls PP prices further down 

• Upcoming capacities reinforce supply woes 

• PP futures climb CNY246 on week 

• Volatile crude oil creates uncertainty 

• Eyes locked on outcome of G20 summit

Lower costs support softer July expectat­ions in Europe’s PP market

• Rollovers to small drops passed on more June deals 

• Players discuss Ju­ly PP outlook 

• Expectations are widely calling for so­me decreases 

• Thin demand, comfo­rtable supply weigh on the market 

• Buyers: C3, PP pri­ces might post €20-30 decreases in July

Italian PP players: Weak factors hint at a downtrend in July

• Small drops emerge in the PP market 

• June PP deals closed stable to €20 down 

• Weak PP fundamentals weigh on demand 

• Korean material offered competitive edge 

• July C3, PP expected softer on lower upstream costs

June PP offers surfa­ce steady to soft in Mid-East

• Saudi major announ­ces rollovers to loc­al market 

• Overall range for import PP down by $40 in UAE 

• Lower offers fail to entice buying int­erest 

• Players report no supply concerns

• Local PP in S. Ara­bia ($/ton): Raffia and inj. 1140-1150 FD 

• Import PP in UAE ($/ton): Raffia and inj. 1150-1170 CIF

Saudi Arabian homo-PP prices hit multi-month high in Turkey

• Petkim cuts PP prices by $30 on Monday 

• Many local raffia offers draw near to $1450

• Import suppliers concede to further drops 

• Raffia bids at $1050-1080 CIF for Saudis 

• Low season, larger gap with raffia pressurize fibre 

• European C3 expected to settle lower for July 

• Eyes on fresh indications from China

Lower costs, discour­aging demand weigh on Africa’s PP markets

• June PP offers sur­face steady to soft 

• ELEME June PP offe­rs unchanged 

• Thin demand, ample supplies call for further decreases 

• Tight money flows add to slow demand

Egypt’s local PP market remains on downtrend

• Import offers steady to soft 

• Local prices down by EGP200-500 

• Unpromising demand oppress trading activities 

• Volatile monomer costs pull markets down

END