Import homo-PP touches $1100/t threshold in Vietnam

Vietnamese players reported that import homo-PP from dutiable origins has reached the $1100/t threshold this week as limited supply is giving suppliers full support to raise offers. However, buyers appear not exciting about the new prices.

A trader receiving Middle East homo-PP at $1100/t CIF Vietnam said, “Our supplier informed that they have very little quantity to offer this time. However, we have sufficient cargoes for now, therefore we are not planning to purchase at this level.”

Another trader also received offers for deep-sea homo-PP cargoes from Saudi Arabia at the same level added, “Local demand is very slow this week as buyers are not accepting the current high price. We are not ready to take the risk as we think market might turn softer in late May – beginning June. Weaker crude oil prices and sluggish demand condition in China might also limit the extent of price increases in the near term.”

Import homo-PP to Vietnam currently stand at $1065-1100/t, all based on CIF, LC AS term.

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