Local PP and PE prices moved lower in China as lackluster demand within the country pushed sellers to reduce their prices, according to plastics pricing information service ChemOrbis. According to the service, Chinese traders are also reported to be actively searching for possible re-export outlets for their excess materials, even eyeing markets as far away as Turkey.
According to ChemOrbis, stock levels within the country are said to be at high levels, putting further pressure on sellers to reduce their prices in hopes of speeding up their sales. Many sellers of plastics have directed their re-export offers to Southeast Asia, where demand for both polypropylene (PP) and polyethylene (PE) has been comparatively stronger when compared with China. Many of these re-export offers have been directed to Vietnam, although distributors in the Vietnamese market complain that buying interest within the country is not all that strong at present, while adding that the large number of re-export offers being received from China has further dampened buying interest. Availability in Vietnam is also said to be sufficient now since a large number of previously purchased import cargoes recently arrived at the country's ports....