News Code :
43109
Global Polypropylene Rate, 5July.
Petrotahlil :
Import PP market recovers from two-year low in SEA
• Import homo-PP market up $10-20 on week
• SEA import PP market trails behind China
• China PP market rises on higher futures
• Local PP markets start July on stable to firmer note
• Resumption of trade talks boosts buying sentiment
• Import homo-PP raffia, inj. ($/ton): 1040-1110 CIF
Import PP prices chase locals higher in China
• Local homo-PP posts further weekly gain of CNY50-100
• Import homo-PP stable to $30 higher on week
• PP futures climb CNY319 on week
• Lower local supply, improving interest add to firming
• Sentiment firmer as China-US resume trade talks
• Import homo-PP raffia ($/ton): 1030-1100 CIF
Lower C3 pave the way for huge drops in Europe’s PP for July
• Sellers issue €80 decreases on July PP prices
• July C3 agreed with €80 drops
• Buyers remain mainly sidelined
• Demand is unsupportive amid comfortable supply
• Sharp decreases are expected to pass on deals
• Local spot (€/ton): Homo-PP 1140-1250 | PPBC 1200-1310 FD
Downturn gains speed in Italy’s PP market for July
• Initial July offers match C3 decrease
• C3 settled with drops of €80
• Weak demand persists in the market
• PP prices hit lowest levels since Nov-Dec 2017
• Strong cuts might stir buying appetite
• Local spot (€/ton): Homo-PP 1090-1190 | PPBC 1140-1240 FD
Will stagnancy in Mid-Eastern PP markets persist in July?
• Offers mostly unchanged despite weak activities
• Buyers more in favor of local cargoes, but purchases restricted
• Long supplies, discouraging demand weigh on July outlook
• Most players expect drops for next month
PP sentiment slightly improves in Turkey amid firming in China
• Turkey lacks premium over China
• Sellers and buyers play a tug of war
• July C3 settles down €80 in Europe
• Local raffia broke below $1350 level
• Fibre-raffia gap still above $120
• Buy ideas down at $1100 CIF for fibre
• Local ($/ton): Raffia 1320-1430 inc VAT
• Import Saudi ($/ton): Raffia 1040-1060 | Fibre 1150-1165 CIF
July PP offers down on softer costs, poor demand in Africa
• ELEME keeps offers unchanged from June
• Bearish upstream markets support soft sentiment
• North and South African markets expect drops
• Imports in Kenya ($/ton): Homo PP 1120-1140 CFR
• Imports in Nigeria ($/ton): Homo PP 1180 CFR
Initial July PP offers announced with decreases in Egypt
• EPPC’s July offers down by $70/ton
• OPC’s new offers also awaited lower
• Saudi suppliers’ offers in line with expectations
• Demand remains sluggish amid tight cash, slow end sales
• Import PP ($/ton): Raffia 1080-1100 CIF
Follow us on Twitter @petrotahlil
END
