Import dutiable homo-PP to Vietnam surged above $1200/ton threshold

After achieving sales at the $1200/ton mark in the previous sessions, couple of overseas sellers continue to implement $10-20/ton hike on import homo-PP offers to Vietnam today, bringing latest prices to $1210-1220/ton for India and Saudi Arabia origin cargoes.

Supporting factors including the continued recovering energy complex, firm propylene costs, limited supply and improved demand condition in the nearby China market. “We only have 200 tons of Saudi homo-PP at $1220/ton CIF Vietnam, LC AS term. Buyers are asking for discounts, yet are have no intention to cut prices at the moment,” an international trader informed.

While there is a wide spread expectation for further increases in the near term, most Vietnamese buyers are very reluctant to accept the latest price list. “Most customers are asking for $20/ton discounts on deals. Supply is very tight and we think market would gradually accept the latest level,” another trader added.

Import homo-PP offers to Vietnam currently reported at $1200-1220/ton CIF Vietnam, LC AS term.