PP supply decreased due to prolonged inactivity

Traders say homopolymer PP raffia and spray prices, which fell to a low of $1300/ton CIF India a few weeks ago, have regained some lost ground, with Middle Eastern provenance quoted at mid-$ 1300/tonne CIF, around the same level as in mid-May.

In addition to China reopening after the shutdown, traders said there is a perception of certain supply constraints due to prolonged buying inactivity as players sit tight with price expectations. continue to decrease.

“This is probably typical of a price-sensitive market like India. But the Indian players also came back massively as they saw the price start to rise. The opening of China is certainly a stimulus, but there is also an expectation that PP prices could continue to rise, given current crude oil trends. We seem to be seeing this now. Another trader said.