Higher import offers push up domestic PP prices in Indonesia

Domestic PP prices increased at the beginning of this week in Indonesia, with most sources attributing the rise in price to higher import offers, as per Chemorbis. Following the US$30/ton price increase implemented last week, producers announced an additional price hike, bringing the total increase in the New Year to US$60/ton. Taking the most recent increases into account, domestic offers stand at US$1370-1380/ton for homo-PP injection and raffia and at US$1420/ton for PP film, all on an FD Indonesia, cash equivalent basis, with a distributor in the country claiming that they have already concluded some deals at the new price levels. On the converters’ side, buyers are generally holding a wait-and-see approach to the market for the present as they expect to see more competitive offers in February.
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