Further price cuts in Vietnam’s PP market fail to revive demand
Data from ChemOrbis Price Index suggest that the weekly averages of local and import homo-PP raffia prices in Vietnam have chased a softening path since they reached around a five-month high a few weeks ago.
Buyers delay purchases to post-Chinaplas week
Several Vietnamese buyers noted that they continued to refrain from making any large-scale purchases this week. “We believe that PP prices will see a fresh round of declines next week and the number of offers will increase following the end of the Chinaplas trade fair,” converter said.
A few traders also reported that persistently subdued demand inside the country has kept PP prices under downward pressure. “We prefer to remain sidelined for now as most suppliers will release their new offers after Chinaplas. We might see further drops in prices in the face of sluggish demand and high supply levels,” a seller commented.
Eyes on cautious recovery in China
Meanwhile, in China, local PP prices have recently seen a cautious recovery this week on the back of reduced supply levels and firmer futures. Although most players in Asia are still doubtful about the sustainability of slightly higher prices, they prefer to monitor the Chinese market closely to see whether the rebound of the local market will affect import PP sentiment.
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