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In Vietnam, the PP market opens the new week with traders announced $40-50/t hike for Middle East and Indian homo-PP to reach $920-930/t CIF Vietnam, LC AS term. However, the new prices are apparently facing stiff resistance from buyers, who are not having enough confidence to make fresh replenishment this week.

A converter said, “PP prices are firming up too quickly, however we have purchased sufficient material for our production till May, hence we are not in rush to buy addition quantity now. Normally, market would become slower during ChinaPlast event and we think the cycle would repeat this year.”

A trader added, “Local prices remain relatively stable despite firming international offers. We are a bit concern as there will be a large quantity of cargoes purchased previously arrive to market next week, which we think might put a cap on the current firming trend. Demand in local market is still slow; therefore we prefer to be on the side-line in the near term.”

Another buyer received Chinese coal based PP at $900/t CIF Vietnam said, “Limited supply would remain the primary factor to support the firming trend in the import market. However, local market is not catching up that quickly as buyers are mostly stocked up. We feel it is too risky to purchase deep-sea cargoes at the price above $900/t level now.”

Import homo-PP yarn and injection to Vietnam currently stand at $900-930/t CIF Vietnam, LC AS term.

Kindly visit the Daily Price section for the latest import and local prices to/in China and Southeast Asia market.