Vietnamese homo-PP concluded lower in Indonesia

According to market sources, Vietnamese suppliers have stepped back on their homo-PP prices to Indonesia since late last week due to persistent weak demand. Several deals are reported at $1080/ton CIF Indonesia, LC AS term, which indicated some $50/ton lower than earlier last week.

A converter purchased the cargoes informed, “Our supplier refused to engage in any further discount and we think market might be nearing to the bottom at the current energy market, therefore we decided to replenish some quantity for our production needs.”

Market sources informed not only Vietnamese homo-PP is softer in Indonesia, but most Southeast Asian origin cargoes, including Malaysian, Thailand and Philippines material. Players attributed such reduction partially due to the depreciation of most Asian currencies against the US dollar, which theoretically make export more competitive.