Local PP, PE prices move further up in Vietnam
A trader offering locally-held Saudi Arabian PP and PE commented, “We increased our offers this week given the recent hikes in import offers. Buyers were not interested in fresh purchases last week, yet they have started to return to the market to replenish their stocks. Therefore, we expect to see better demand from the local market in the days ahead. Some traders are limiting their sales quotas nowadays as they believe that the market will continue to move higher in the near term.”
A second trader in Vietnam opined, “We received firmer prices from the import market this week while the number of offers reduced. Hence, we also applied hikes on our offers to the domestic market. The response from buyers has been weak so far.”
A converter received an offer for locally-held Saudi homo-PP injection from a trader at VND30,000,000 ($1213/ton without VAT) on an FD Vietnam, cash equivalent basis inc VAT. He said, “Last week, we purchased some Vietnamese homo-PP VND500,000/ton ($22/ton) below this level. We think that local prices increased too much recently.”
Prices for locally-held cargoes in Vietnam currently stand at VND30,000,000-30,200,000/ton ($1213-1221/ton without VAT) for homo-PP injection and raffia, at VND32,500,000/ton ($1314/ton without VAT) for LDPE film, at VND30,000,000-30,500,000/ton ($1213-1234/ton without VAT) for LLDPE film and at VND29,800,000-30,200,000/ton ($1205-1221/ton without VAT) for HDPE film, all on an FD Vietnam, cash equivalent basis inc VAT. When compared to last week, these ranges show increases of around $30-80/ton.
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