Confusion continues to dominate the plastic market, according to prn trader, with reported supply at odds with the general market outlook.
Plastic prices remained volatile, moving up before settling back at the weeks opening price, prn trader’s Ian Andrews says.
He points to six articles published last week highlighting the export issues in the far east markets.
“Surprisingly, two weeks after the Q2 supply figures were released we have yet to see any positive commentary from the main industry press.
“It may be that they, like most of us, are confused as to what message to report.”
Buyers are slowly drifting back to their desks but there are reports that some are under instruction to hold off purchasing until prices realign in light of the good Q2 supply performance, Ian says.
It would appear that we are heading toward a period of stand-off between buyers and sellers. With July monthly figures due to be released this week, Ian says it’s hoped the stand-off will break.
Buyers are willing to secure tonnage but remain confused that the latest supply picture isn’t resulting in downward pressure on prices even by the smallest margin.
In glass, a small downward price shift resulted in some reasonable volume trading, according to prn trader.
Competition for wood tonnage resulted in prices increasing during the week as buyers continue to target volume.
Trading activity returned to the market but reported volumes remain some way behind the corresponding period last year.
