Local PP in Vietnam leap higher

Vietnamese players reported that local PP market open the new week with increases compared to last week with the support from firmer import prices and reduced local supply. Compared to previous trading days, locally held homo-PP cargoes are traded at VND400,000-900,000/t ($18-40/t) higher, according to players.

A trader commented, “This morning we were still maintaining our offers stable compared to last week but later we adjusted price up to match the market level. We did not make any large replenishment in the past months due to volatile market condition, hence at the moment we are not having much stock in hand.”

A converter added, “Majority of companies will start to off from tomorrow for Chinese New Year, hence higher prices might not attract so much of buying interest. However, looking at the current import and local market condition, we expect PP market to maintain stable to firmer trend after the long holidays.”

Local homo-PP prices in Vietnam currently reported at VND23,000,000-23,600,000/t ($940-965/t without VAT), FD Vietnam, cash term.      

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