PP prices in Vietnam hit multi-month highs
As can be seen in the below graph created by ChemOrbis Price Wizard, local homo-PP prices have reached their highest levels since late May after following a mostly firming trend since early July.
A trader offering Saudi raffia to the local market commented, “Despite slow demand, the uptrend continues in the local market. Players may prefer to adopt a wait and see stance before making any purchases in order to see how long this firming will remain in place. We think it will be hard to revive demand and keep prices at the current levels in the long term.”
An agent of a local producer informed that PP offers increased further this week while demand remains weak. “Players are questioning whether this firming in the local market will be sustainable or not. Plus, buyers have already secured cargoes ahead of a local producer’s refinery maintenance and therefore, they have sufficient stocks for now.”
The second graph created by ChemOrbis Price Wizard shows that import homo-PP prices in Vietnam also hit a five-month high after the firming trend gained speed in late June.
A converter commented, “Our suppliers advised us to make some purchases this week as they will increase their offers further. However, we are not interested in making new purchases for now as we have sufficient stocks and it is the low season. We expect prices to remain firm in the next weeks.”
A global trader noted, “The market is slow as players want to see the market direction first. Some of them expect the current uptrend to cool off given the ghost month in September.”
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