Attractive Saudi PP fades in Vietnam, Chinese origins remain available
According to one trader in Vietnam, their supplier lifted their import PP raffia and injection offers by $90/ton from last week to $1320/ton on a CIF, cash basis.
“Demand remains slow while it may get slower in the near term as the rainy season has already started. Supplies are regular and no one is interested in the Saudi supplier’s higher levels. We are planning to wait on the sidelines and hope that thin demand will persuade our supplier to bring their prices back to more competitive levels,” the trader commented.
A second trader confirmed that the same Saudi Arabian supplier increased their homo-PP prices to the Vietnamese market. He stated, “Demand is slowing down in line with the season while supplies remain sufficient. We feel that the market has room to go down further in the days ahead. Plus, we received offers for coal based PP from China at a competitive level of $1250/ton CIF, cash. However, we are planning to wait before deciding on our next purchase.”
Players mostly concur that the Saudi supplier’s recent increase will prove unworkable as Vietnam’s import PP market is facing downward pressure from attractively priced coal based PP materials from China and slowing demand in the regional markets due to the rainy season.
In Vietnam, import homo-PP raffia and injection prices are currently reported at $1250-1320/ton on a CIF, cash equivalent basis.
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