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Vietnamese buyers reported that local traders this week continue to lower homo-PP and LLDPE film offers by additional VND200,000/ton ($9/ton) from last week on persistent weak demand condition and soft sentiment in the import ground. Even with the reduction, many sellers are complaining about difficulties in concluding deals.

A buyer purchased locally held Taiwanese LLDPE film at VND28,800,000/ton ($1154/ton without VAT), FD Vietnam, cash term said, “Market is very slow and we only procured one container this week. We fear that prices might continue to go down in the near term as falling import market affected local sentiment.”

And PE bag converter purchased a small quantity of Saudi LLDPE film at VND29,200,000/ton ($1170/ton without VAT), added, “We need to make large replenishment, yet market seems still have room to move lower, hence we only buy hand to mouth this week. Our end product business is just regular.”

It is irregular that local homo-PP prices continue to slide in spite of the on going shutdown at PetroVietnam and the lack of certain Saudi Arabia grades. Domestic homo-PP fell to the range VND27,500,000-28,200,000/ton ($1102-1130/ton without VAT), FD Vietnam, cash term. A buyer commented, “Import market is stabilising, yet domestic ground is very weak due to the traditional slow season. We are not seeing the bottom at the moment and only can hope for better condition in the coming month.”