Vietnam’s import PE market faces 3rd week of losses despite firmer ethylene
In addition to the aforementioned bearish factors, competitively priced re-export cargoes from China have continued to pull the market further down as Vietnam remains to be Chinese sellers’ preference as an export outlet since early March.
A Vietnamese trader who received offers for re-exported Saudi LDPE and LLDPE film from China opined, “Both local and import PE prices have extended their decreasing trend this week. Demand remains tepid while overall inventory levels are high. Players are mostly covered until April or May.”
Another trader also noted, “Import PE prices have retreated further this week as competitive re-export offers from China exert pressure on the market. We are not planning to make any purchases for now as we think additional losses are on the way.”
A converter receiving a Saudi HDPE film offer with a $10/ton decrease from last week commented, “Although spot ethylene prices are higher in Asia, PE prices continue to follow a stable to softer path nowadays due to the cautious sentiment in the import market. We think there is still room for further decreases as buying activities in China are yet to improve.”
According to weekly average data from ChemOrbis Price Wizard, spot ethylene prices on CFR China basis have posted a cumulative increase of $135-140/ton since the market took an upward turn in late February.
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