- In recent weeks, Thailand’s domestic PP market has gained some strength from the firmer energy market and supply limitation. This week, several Thai producers have applied a hefty price increase of between THB1,000-2,000/ton ($32-63/ton) on local PP Homo Raffia cargoes from a week earlier, citing a supply shortage ahead of the maintenance season. In response, some local traders in Thailand followed suit, attempting to raise their offers to follow the producer's pricing strategy. However, one of the traders kept the offer level unchanged from last week since the market sentiment has dropped into negative ground.
- Whereas in Vietnam, a trader reported on receiving import PP Homo Raffia offers from China and Thailand origin this week. According to the trader, import offers for Thailand origin cargoes captured at $40/ton higher as compared to the offer level available in the previous week. Current offers are hovering close to $1,000/ton-level, stood at $990/ton on LC at sight, CIF Vietnam Main Port basis. The trader mentioned that the Thai producer maintained their high price quotes to the Vietnam market as the company is running out of allocation this week. As for China origin, the trader received import PP Homo Raffia offers from a Chinese supplier at $900/ton with the same payment and delivery terms. As the offer level are deemed incredibly high, SSESSMENTS.COM was informed that the trader skipped purchases for this week and adopted a wait and see stance before taking the next decision.
