Local homo-PP prices in Vietnam extended loses

Vietnamese players reported on the last trading day of the week receiving offers for locally produced homo-PP at VND1,000,000/ton ($45/ton) lower than end of last months, reaching VND26,000,000/ton ($1060/ton without VAT) FD Vietnam, cash term.

This is perceived to generate strong downward pressure on domestic market, in which local traders might implement price cut for locally held imported cargoes. A trader commented, "Our sales this week is really disappointed as buyers are mostly withdraw to the sidelines hoping to get additional discount in the near term. With locally produced cargoes dropped significantly, we think the outlook for the coming week is rather weak."

Domestic homo-PP prices in Vietnam is currently reported at VND25,800,000-27,000,000 ($1050-1210/ton without VAT) FD Vietnam, cash term.