Overseas suppliers adjust PP price down in Vietnam

Vietnamese players reported that at least two overseas suppliers have adjusted their price down by $20/t compared to initial offer given at the beginning of the week.

A buyer received Indian homo-PP at $850/t CIF, LC AS term today, down $20/t compared to the beginning of the week said, “The energy market is deteriorating too quickly and market is generally very cautious. We have already purchased Middle East homo-PP at $830/t CIF term at the beginning of the week, hence not planning to buy additional quantity.”

Besides, an international trader reduced their offers for Saudi Arabia homo-PP by $20/t to reach $830/t CIF Vietnam, LC AS term. A market source commented, “The price is rather competitive but the supplier will only ship out cargoes in March. We are a bit hesitating to buy due to long shipping time.”

Import homo-PP to Vietnam currently stand at $830-900/t CIF Vietnam, LC AS term. There are some bids reported at $800/t, however, sellers are not accepting as market is purchasing Middle East material at $830-840/t CIF.  

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