Suppliers project an uptrend for April PP in Italy, buyers are skeptical
Petrotahlil:
Suppliers project an uptrend for April PP in Italy, buyers are skeptical
• PP players sidelined ahead of April C3
• April C3 expectations slightly firmer on rising costs
• Sellers expect small hikes in April PP prices
• Players at odds about workability of possible hikes
• Demand is rather weak amid comfortable supply
• Local spot (€/ton): Homo-PP 1160-1260 | PPBC 1210-1310 FD
SEA’s import PP market remains firm as Q1 ends
• Import PP stable to $20 higher on week
• Firming mainly attributed to low supplies
• Strong energy costs also supportive
• Chinese PP offers competitive edge in Vietnam
• Malaysian producer lifts local homo-PP for Apr
• Import homo-PP raffia, inj. ($/ton): 1120-1200 CIF
PP mostly steady in China prior to VAT cut
• Local polyolefin supplies still ample
• Buyers sidelined ahead of VAT cut on Apr 1
• PP futures down CNY22 on week
• Import supplies tight amid turnarounds
• Oil, naphtha hover around nearly 5 month-high
• Import homo-PP raffia ($/ton): 1060-1130 CIF
Turkish PP players rule out sizeable hikes for April
• Players sidelined ahead of elections
• Volatile parity weighs on demand
• Economic concerns might keep further PP hikes in check
• Short-term expectations are firm on tightness
• Local ($/ton): Raffia 1550-1615 ex-warehouse
• Import Saudi ($/ton): Raffia 1170-1180 | Fibre 1270-1290 CIF
PP players widely foresee a firmer outcome for April C3 in Europe
• April C3 still pending
• Buyers predict rollovers to small increases for PP
• Firmer energy market might support higher C3
• Weak demand, comfortable supply may hinder hike requests
• Demand-supply dynamics to play a key role in April
• Local spot (€/ton): Homo-PP 1200-1300 | PPBC 1250-1350 FD
Egypt’s PP markets witness slow activities
• Local homo PP raffia down by EGP100-500
• Tight liquidity hinders activities
• Ample supply, slow demand keep expectations soft
• Import market grapples with competing drivers
• Import PP ($/ton): Raffia 1170-1190 | Film 1190-1220 CIF
Will bullish PP sentiment extend into April in Mid-East?
• March deals concluded with rollovers to increases from Feb
• April expectations are stable to firmer
• Trading activity remains limited
• Sentiment yet to improve before Ramadan
• Local PP in S.Arabia ($/ton): Raffia and inj. 1130-1140 FD
• Import PP in UAE ($/ton): Raffia and inj. 1180-1200 CIF
Africa’s PP markets stand still amidst poor activities
• March PP deals concluded flat from initial levels
• Poor market activities weigh on April expectations
• Supplies ample amid thin demand
• Import PP in Nigeria ($/ton): Homo PP 1190 CFR
• Import PP in Kenya ($/ton): Homo PP 1170-1200 CIF
