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After much resistance observed in the previous trading days, Vietnamese buyers appear to have accepted the continued rising prices with non-dutiable cargoes concluded at the $1300/ton threshold as of today.

In fact, Philippines homo-PP yarn offered at $1315/ton CIF Vietnam, LC AS term and deals have been achieved at $15/ton discount. A converter said, “Supply is very tight and we have no choice but to accept the increases. We fear that this condition might persist even in the post-Lunar New Year term.” The concluded level indicated a $20/ton increased week on week for similar cargoes.

Players are expecting similar move from other producers from duty free origin in the coming days, and converters might continue to make purchases given low inventory on hand.