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After a month of continuous rally, Vietnamese players are now seeing the import homo-PP market hitting the ceiling after posted more than $200/t gain in value since after Chinese New year holidays. 

Some international distributors reportedly reduced their Saudi Arabia homo-PP prices by $20/t compared to initial offers given earlier this week to $1080/t CIF Vietnam, LC AS term. A buyer received the changes in the offers said, “We found this cargoes to be not so attractive due to long shipping time. We are not confident about the outlook in May and June period, therefore we prefer only deal with nearby cargoes.”

Meanwhile, local market has also lost some steam as buyers are resisting to the current price level. A trader added, “Buying interest weaken significantly this week. We have yet to make any purchases since prices reached $1020/t level. We have a large quantity of cargoes purchased previously at $850-880/t arriving by mid-Apr, therefore, we expect some changes in local market direction at this point of time.” 

However, most players are not expecting any significant changes in prices in the near term given the strong support from tight international supply. Import homo-PP to Vietnam this week stands at $1065-1100/t CIF, LC AS term.

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