Import homo-PP to Vietnam move north, buying interest seems improved

Several regional and international suppliers have announced new homo-PP offers to Vietnam today with about $10-20/ton increased from last week, claiming tight availability and better demand in other market. Vietnamese buyers seem to develop buying interest for non-dutiable cargoes as prices move north.

A major Thailand producer lifted PP prices by another $10/ton from last week, reaching $1085/ton for homo-PP yarn and $1090/ton for PP block copolymer, all based on CIF Vietnam, LC AS. The producer reportedly sold 1200 tons of homo-PP yarn with slight discount, to $1075/ton with the same term with a source close to the producer said, “We still receive more inquiries from buyers and this could indicate brighter outlook in the coming weeks.”

Meanwhile, import homo-PP offers for dutiable cargoes, including Indian and Saudi Arabia material also witness firmer trend, standing in the range $1065-1080/ton CIF Vietnam, LC AS term. However, buyers are not showing as strong interest as they have for Thailand cargoes. A buyer commented, “There is no gap between dutiable and non-dutiable cargoes and therefore we think Middle Eastern suppliers might face stiff resistance from buyers.”