April PP offers from overseas producers to China dip from March levels

Several overseas producers have announced April PP offers to China this week, with a decrease when compared with their March offer levels. As per Chemorbis, producers attributed their price reductions to poor demand and persistent pressure from lower-priced offers from traders. A South Korean producer announced April offers this week at US$1320/ton for homo-PP raffia and injection and US$1360/ton for PP block copolymer, all CFR China, cash basis. These offers represent a decline of US$20-40/ton from their March offer levels for homo-PP and US$60/ton lower than their March offers for PP block copolymer. A global producer announced April offers for Singaporean PP this week at US$1330/ton CFR China for homo-PP injection and at US$1420-1430/ton for PP block copolymer. These offers for homo-PP are standing US$10-20/ton below March offer levels and US$30/ton lower for PP block copolymer. The producer added that they managed to conclude a few deals at their initial offer levels. As Singaporean origins are duty-free to China, these deal levels are equivalent to the sales prices for origins subject to 6.5% customs duty of US$1249/ton for homo-PP injection and US$1333-1343/ton for PP block copolymer. Producer’s offers for Middle Eastern homo-PP injection and raffia stand at US$1300/ton CFR China, cash, while their offers for PP block copolymer stand at US$1430/ton with the same terms.
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