Firming persists in Vietnam’s PE market, shrugging off ethylene
Local PE prices climb to 3-month high
Having spent the fourth quarter of 2018 on a mostly bearish trend, the weekly averages of local LDPE, LLDPE and HDPE film offers in Vietnam started to firm up by the second half of January.
ChemOrbis Price Index data suggest that all three local PE markets have recently reached their highest levels of the past three months.
A few converters commented, “Demand for our end-products has started to improve in line with the approaching high-season. We think local PE prices will remain on a stable to slightly firmer trend in the days to come.”
Hike attempts also remain in place for import PE
Vietnam’s import PE markets have also continued to face hike attempts this week, with suppliers lifting their LDPE and LLDPE film offers by $10-15/ton from last week/month despite lower spot ethylene prices.
Asian C2 loses 14% in past 3 weeks
ChemOrbis Price Wizard shows that the weekly average of spot ethylene prices on CFR Far East Asia basis have lost 14% since around mid-February. This was when the market retreated from their four-month highs amid the pressure from supply glut.
Expectations emerge over recovery in PE demand
Sellers’ firm pricing both in the local and import PE markets was mostly attributed to expectations over seeing improved demand given the agricultural season.
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