Import homo-PP to Vietnam sees further reduction

Vietnamese players reported receiving additional discounts on import homo-PP on the last trading day of the week. Indeed, Middle Eastern homo-PP is offered at $20/t lower than yesterday from the same supplier to reach $1050/t CIF Vietnam, LC AS term. A buyer received the offer commented, “We initially planned to replenish some quantity, yet we started to see sellers pushing out cargoes with more aggressive discount, therefore we hold back our purchases.”

Meanwhile, Chinese regular homo-PP also sees some $20-40/t reduction from the beginning of the week at $1020-1040/t CIF Vietnam, LC AS term with a market source informed, “Other suppliers from Fareast Asia are still maintaining very firm stance on their prices. We think market might see further reduction in the coming week since there are minimal trading activities during ChinaPlast week. We already have sufficient inventory till mid June and we are not in rush to buy any additional quantity for now.”

However, most players are not expecting the PP market to revisit its previous low seen at the beginning of the year, citing low availability to be the support. Import homo-PP prices to Vietnam currently stand at $1010-1140/t CIF, LC AS term.