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PP buyers bid below $1000/ton threshold in Vietnam

by ChemOrbis Editorial Team - content@chemorbis.com
  • 12/08/2016 (15:29)
In Vietnam, the import homo PP raffia range was reported at $985-1050/ton CIF Vietnam, cash basis. The low end was formed by the emergence of a Russian raffia offer while US cargoes were there last week in the country at $980-1000/ton with the same terms, revealing the ongoing pressure from deep sea cargoes.

A trader in Vietnam commented, “Players are reluctant to buy from the local market as arriving import materials offer more competitive options. Therefore, buyers have sufficient inventories on hand. Most of the players are waiting for prices below the $1000/ton threshold.”

Another distributor reported hearing a done deal for Indian origin at $970/ton, although this offer could not be confirmed. “Demand is quite weak recently as converters receive no new orders and traders are also reluctant to replenish. However, we think that converters will buy more after September and demand should be better next month. We also expect prices to come lower next week,” commented the distributor.

An end product manufacturer who was offered at $1000/ton for Saudi origin stated, “Our bid at $980/ton was not accepted by the seller. Our inventory is still high and we have no plan to replenish if prices do not fall below $980/ton.”

Many players expect prices for Middle Eastern origins to fall below $1000/ton in the import market. “We may see import homo PP prices as low as $950/ton for the Mid-East and $1050/ton for ASEAN origins,” opined a trader.
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