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As crude oil market recorded more than 7 per cent hike since OPEC said it members have agreed to a draft frameworks to cut output on Wednesday; Vietnamese PP and PE market has been more responsive to the news than other neighboring countries. Not only several international suppliers claimed better sales results after the surge in crude oil prices; but domestic traders are also attempting to lift their offers.

In fact, a trader reported increasing PE and PP offers to local buyers by VND200,000/ton ($9/ton) compared to yesterday informed, “We received better number of inquiries today, yet we fear this condition is not sustainable as upstream costs are falling amid strong energy market. Other traders are still maintaining their offers unchanged.”

Another trader, who decided to hold back their cargoes after received better number of purchased inquiries said, “We hope to sell at higher prices in the coming week as for now, we are bearing loses. Outlook is really cloudy and supply would continue to improve in the coming month.”

Domestic market in Vietnam has been following the weakening trend over the past two weeks and players remain hopeful of better demand condition in the near term due to the traditional high demand season.