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Vietnam’s local homo-PP, PE markets soften after almost three months

by ChemOrbis Editorial Team -
  • 22/09/2017 (12:01)
Players in Vietnam reported that local homo-PP and PE prices have softened this week after remaining on a mostly firming note since early July. Demand remained stagnant in the country given the ongoing rainy season while supplies were reportedly higher. Plus, the faltering firming trend in the Chinese market amid slow demand ahead of the upcoming National Day holiday as well as retreating futures also weighed down on the local PP and PE markets.

Lower prices pushed traders to sell out their cargoes as they think prices will lose further ground in the days ahead.

A trader offering Saudi cargoes commented, “Demand is quite slow while supply levels are higher. Traders in anticipation of further drops prefer to destock. We think both local and import prices will move lower soon.”

Another trader noted, “As players think that the downtrend has already kicked off in the local market, PP demand is very thin week. Although our offers are also lower this week, we couldn’t sell much.”

A third trader opined, “Traders mostly believe that prices will soften further and they are selling out materials at very reasonable price levels and accordingly, local prices fail to rise above the VND31,000,000/ton level ($1248/ton without VAT). We expect prices to see lower levels during the National Day holiday in China.”

A converter purchased Philippine raffia at VND30,300,000/ton ($1220/ton without VAT) FD Vietnam, cash inc VAT. “We expect prices to move further down in early October in order to replenish more stocks.”
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