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Although there are very limited number of new offers for dutiable origins homo-PP cargoes in Vietnam this week, most Asian suppliers are attempting to implement a small hike of $10/ton on the available quantity in spite of the lethargic demand condition.

Thailand homo-PP yarn is offered at $1200/ton CIF Vietnam, LC AS term and deals are seen at only $10/ton discount. Distributors for this origin report to have diverted a considerable quantity to Philippines in recent weeks, where tight local supply encouraged buyers to source from import ground. Only buyers with extreme low inventories on hand agreed to the hike. “We have stocked up sufficient inventories for January and at the moment, continue to monitor further development. The upswing is really unexpected, yet we still think room for further hike is really limited,” a buyer said.

Buyers also reported to have received offers for a limited quantity of South Korean homo-PP yarn at $1190/ton CIF Vietnam, LC AS term. “Our supplier refused any further discount. Market is very firm at the moment and we plan to make a small purchases,” the source added.

Couple of transactions for Singaporean homo-PP were reported at $1210/ton CIF Vietnam, LC AS term, however this might not reflect the mainstream price levels as only regular buyers entered the deals.

Firmer import ground supported local market to a certain extent. As reported in the previous session that offers for locally held homo-PP climb VND100,000-200,000/ton ($5-9/ton) week on week. “Just that buyers are not enthusiastic about make purchases. Our customers in Northern and Central Vietnam suffered seriously from the recent flood that dampened end product orders. Market might need a little time to recover,” a local trader said.

Import homo-PP to Vietnam currently stand at $1190-1220/ton CIF, LC AS term while local offers are reported in the range VND29,800,000-30,500,000/ton ($1190-1220/ton without VAT), FD Vietnam, cash term.