Asian polypropylene offers to Peru were reduced $40/mt over last week becoming, once again, the cheapest prices in the Andean Countries (Ecuador, Colombia, and Peru) market. Polypropylene demand in Peru was sluggish, however, due to speculation that Asian offers could go down again soon.
Following last week's fall, Korea was offering homo at $1,530/mt CFR Callao, $1,550/mt CFR co-polymer, and at $1,590/mt CFR random.
"A very good option right now is to buy material on the water from India because the prices are good, and the delivery could be only 10-15 days. We should try to close some deals in small quantities with India this month to balance our inventories," said a source.
India's offer to Peru was at $1,540/mt for homo raffia and injection, while co-polymer offers from India were scarce in the Peruvian market this month.
Meanwhile, polypropylene bids in Peru were heard around $1,490/mt CFR for homo and at $1,500/mt CFR for co-polymer.
Colombian resin offers to Peru were heard $100-150/mt higher than the Korean ones at $1,630/mt CFR for homo raffia, and $1,700/mt CFR for co-polymer.
Colombia is going to reduce the price levels at least $80/mt for November to be more competitive, said buyers in Peru.
The US was still not offering polypropylene to Latin America.
"We have heard China was not buying strongly and Asia has more polypropylene inventories than polyethylene to sell which could mean prices to Latin America could fall in November," said the source.
