Indian homo-PP shows up in Vietnam after long absence, buyers denied high prices

A major Indian producer opens import homo-PP offers to Vietnam today after a long absence to focus on domestic market. Latest price list stands at $1190/ton CIF Vietnam, LC AS term, which is also subjected to 3 per cent import duties. Buyers are not responding.

Demand for import homo-PP in Vietnam has been stagnant for several weeks as players restraint from making large purchases that possibly arrive during Lunar New Year holidays. At the meantime, many are not very optimistic about the market outlook toward the late Q1 2018, citing the traditional off-peak season.

Distributor decided to lower the offers to the market by $10/ton from the initial price list with a source commented, “Our customers are unable to accept the latest offers. There are more cargoes available in the market at more competitive levels.”

Middle Eastern suppliers are keeping offers unchanged week on week to Vietnam, in the range $1170-1180/ton CIF, LC AS term while non-dutiable cargoes ranging $1200-1210/ton with the same term.