Import homo-PP prices in Vietnam hit multi-year lows
A trader operating in Vietnam stated, “Import PP prices continue to fall as declining crude oil prices weigh down demand. We are currently adopting a wait and see attitude as we believe that homo-PP prices are likely to hit $900/ton CIF in the days ahead. Meanwhile, China’s PP market remains weak, which is also impacting Southeast Asian markets negatively.”
Another trader commented, “We are not planning to make fresh purchases at the moment as we are expecting to see lower levels in the near term. Import homo-PP prices on a CIF Vietnam basis may decline to the $900/ton threshold soon as demand is persistently weak in the face of lower crude oil costs.”
A converter reported purchasing 500 tons of December shipment homo-PP raffia and injection for Saudi origins at $940/ton CIF Vietnam, cash. The buyer said, “We believe that prices still have room for additional decreases. We are planning to secure more cargoes when prices hit $900/ton CIF.”
Import homo-PP raffia and injection prices are currently reported at $940-980/ton on a CIF Vietnam, cash equivalent basis.
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