Import PP prices in China have extended their gains into the third week after the Lunar New Year holidays. Despite buyers’ resistance, overseas sellers have stayed firm on their offers amid a global dearth of supply and several other export outlets offering much better netbacks.
Import market up 17% compared to pre-holiday week
Data from ChemOrbis Price Index reveal that homo-PP and PPBC prices on CIF China basis have recorded a total gain of 17% compared to the pre-holiday week. Meanwhile, the weekly averages of prices for all origins were quoted at $1265/ton for homo-PP raffia and at $1355/ton for PPBC inj. as of March 10. At these levels, PP raffia stands at its highest since October 2018, while PPBC is at a three-year high.
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