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Vietnamese players reported that local traders attempted VND800,000-1,000,000/t ($35-45/t) increases on their homo-PP cargoes at the beginning of the week after seeing drastic hike from import market last week.

A trader commented, “So far our customers are not willing to accept the new price level, however, traders are maintaining very firm stance on their cargoes claiming lack of sales pressure. We think that the market might not be able to accept such big hike immediately. We would like to monitor further development before making any decision.”

Another sellers added, “Our customers have not responded to the new prices yet and we are waiting for new offers from import market to gauge the likely direction in the near term.”

This morning, local sellers raised homo-PP cargoes to VND25,800,000/t ($1050/t without VAT) FD Vietnam, cash term.

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