Saudi's homo-PP concluded at above $1100/ton threshold in Vietnam

The Vietnam market resumes working after the Lunar New Year holidays on a firm note in both local and import ground. Buyers in the country were initially showing reluctance toward dutiable cargoes priced near to $1100/ton mark; however, couple of Middle Eastern homo-PP cargoes concluded at $1120/ton, CIF Vietnam, LC AS term this week.

A trader purchased 100 tons at the mentioned price said, “The supplier has very limited quantity available, and therefore allocation to each buyer is very small. Other sellers have yet to announce new offers this week, however, we think market might sustain the current trend in the coming month.”

Another converter purchased the cargoes at $1120/ton added, “We have also procured non-dutiable Korean homo-PP at $1160/ton CIF term this week. Looking at the current supply-demand dynamic and also the upstream costs, we personally projected another $50/ton hike in PP prices within March. At the moment, we have sufficient material till May.”

Import homo-PP to Vietnam is currently reported at $1100-1160/ton CIF Vietnam, LC AS term.