Re-export PP from China shows up in Vietnam
Data from ChemOrbis Price Index reveals that the Vietnamese homo-PP raffia market is currently carrying a premium of $72/ton over China. When compared to the pre-holiday week, the gap between the two markets increased by around $70/ton.
A trader operating in China reported that they are re-exporting some US homo-PP injection to Vietnam nowadays due to the muted demand in their own market. The seller stated that their US PP offers currently stand at $1135/ton on a CIF Vietnam, cash basis.
A second trader based in China also reported re-exporting Saudi Arabian PP raffia to Vietnam at $1150/ton CIF, cash. “Local PP prices in China witnessed decreases in the face of significantly lower futures prices. The import market remains on a firm note, but demand is yet to improve amidst high stock levels in the country. We are re-exporting some material to Vietnam where PP prices are firming nowadays.”
Meanwhile, in Vietnam, an end product manufacturer reported that he purchased some re-exported Indian PP raffia from China at $1120/ton CIF, cash. The buyer commented, “Import PP offers in Vietnam have increased significantly since the end of the Chinese holiday. Our done deal level for re-exported Indian material is quite competitive when compared to other offers in the market since we heard that South Korean PP raffia offers have reached almost $1200/ton CIF.”
In Vietnam, import homo-PP raffia prices are currently quoted at $1120-1160/ton on a CIF, cash equivalent basis.
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