Vietnamese buyers are not only concerned about the tightening supply outlook but are also considering the potential impact of the upcoming Federal Reserve meeting and the US presidential election in November. These events could significantly influence currency exchange rates and demand projections for late 2024 and into 2025.
On the domestic front, traders disregarded the stabilizing trend set by key local producers, instead opting to reduce spot prices in a bid to stimulate trading activity. However, these aggressive pricing efforts have largely fallen flat, as buyers remain hesitant to engage in new purchases
For the third consecutive week, local producers in Indonesia have maintained stable spot PE offers, attempting to balance a constrained supply-demand environment. However, persistent weak buying interest has forced local traders to implement fresh price reductions across most PE grades
Cautiousness prevails among PP buyers as they closely watch the pricing landscape. Many have recently completed their inventory restocking and are now hesitant to engage in new purchases. Instead, they are adopting a wait-and-see approach, mirroring the sentiment in the import market.
The erratic pricing adjustments from a major local trading house, combined with the scarcity of import offers and rising sentiment in China, prompted local buyers—particularly small-scale ones—to return to the market for additional stock replenishment.