Coal based PP concluded at discount in Vietnam

As Vietnamese buyers are increasingly resisting higher import homo-PP prices in the past weeks, some Chinese traders have elected to give larger discount on their coal based PP cargoes in order to encourage demand. Indeed, some parcels were concluded at $1025/t CIF Vietnam, LC AS term at the beginning of the week, some $35/t lower than last week’s initial offers.

A trader sold some quantity at the reported level said, “We are quite satisfied with the sales as we believed that anything above $1050 threshold would bump into buyer resistance. Demand in local China market is not good now and we are looking for new export outlet in the neighbouring markets.”

Import homo-PP to Vietnam is currently reported at $1025-1100/t CIF Vietnam, LC AS term.