Vietnamese trader lifts locally-held PP prices
“Demand is not strong, but we need to raise our prices in order to cover our replenishment costs. We feel that the current firming trend will not be sustainable in the near term and that prices may change direction in June,” he commented. The trader is currently offering Saudi Arabian PP raffia and injection at VND33,800,000/ton FD Vietnam, cash including VAT ($1426/ton without VAT).
A second trader stated, “PP demand is not great in the local market. However, prices are gaining ground in line with the firming global trends. Traders have to lift their offers as they need to meet their costs. We are adopting a cautious stance as we think that prices may witness some relief soon.”
In Vietnam, locally-held PP prices currently stand at VND33,800,000-34,000,000/ton on an FD Vietnam, cash including VAT basis ($1426-1434/ton without VAT).
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