Local PP prices retreat in Vietnam
A converter opined, “Last week we purchased some raffia but prices moved lower this week. We think prices will hover around the current levels after Chinese New Year, they probably won’t increase. Therefore, we are planning to wait and see the market conditions for the post-holiday period.”
A trader stated that demand in the local market is weaker over the week when compared to last week. “We are having a wait and see attitude nowadays as we believe that prices can drop further,” he added.
Another converter said, “Demand is weak and trading activities are limited. Therefore, domestic prices softened a bit. We think that prices will witness further decreases in line with traders’ lower offer levels towards nearing Chinese New Year.”
A third converter also reported that local prices are a bit softer due to weak demand from the domestic market. “Sellers reduced their prices since players’ inventory levels are high for now and they are not interested in high offer levels,” he said.
On the other hand, another trader said, “Decreases in the domestic PP market are not true; some materials are still offered at high levels. The market is a bit quiet ahead of the approaching Chinese New Year but we have been building up inventory for the past weeks. We don’t think that prices will drop back right after Chinese New Year, but maybe in March or April.”
In Vietnam, homo PP prices show a weekly decrease of $6-10/ton when compared to last week. Currently, homo PP raffia prices in the local market are standing at VND27,800,000-28.300.000/ton ($1127-1147/ton without VAT) FD Vietnam, cash including VAT basis while homo PP injection are quoted at VND28.000.000/ton ($1135/ton without VAT) with the same terms.
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