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A number of companies in Vietnam have resumed working today though many others are still away for the National Day holiday. Trading activities have yet to revive fully in the absence of buyers, yet, traders lifted local PP and PE prices by VND300,000-500,000/ton ($13-22/ton) week on week, following the recent development in the import ground.

Today’s offers for locally held Saudi Arabia cargoes stand at VND29,500,000/ton ($1180/ton without VAT) for homo-PP yarn, HDPE film and LLDPE film, at VND30,000,000/ton ($1200/ton without VAT) for homo-PP injection, and at VND33,200,000/ton ($1328/ton without VAT) for LDPE film, FD Vietnam, including VAT, cash term.

A trader said, “We think domestic market still has more room for increase further in the near term with the support from import ground. At the moment, buyers are showing resistance and we believed that buying interest shall be better by second half of the month.”

Other traders are commenting about the impact of the recent tropical cyclone that cause a series shutdown at Houston, Texas, USA, foreseeing a significant reduction in cargoes arrival from USA toward end of the year. “In addition to healthy China demand, market might face serious supply shortage in the near term. We prefer to hold back the cargoes.”

Domestic spot market in Vietnam might witness more activities toward the end of the week as players return to their desks. And looking at the general cost and supply condition, further hike become inevitable.