- May shipment offers for Saudi PP Homo Raffia were $150-170/ton higher from April
- PP demand slightly improved in the final week of April
- Vietnamese market players shared a positive outlook for local and import PP prices
In the local market, fresh local PP offers in Vietnam were scarce at the beginning of April. However, following the market uptrend in China, market talks have it that local PP Homo Raffia offers increased by VND1,000,000/ton ($42/ton) on the week commencing April 13. Until the end of April, SSESSMENTS.COM’s data showed that PP Homo Raffia offers remained stable and stood at VND23,000,000/ton ($979/ton) on cash, FD Vietnam basis and including 10% VAT.
From the import market, in the week commencing April 6, some foreign suppliers were attempting to increase PP Homo Raffia offers to Vietnam following the rebound in crude oil prices and the uptrend in the China market. One of the leading Chinese polyolefins producers increased PP Homo Raffia offers by $20/ton from a week earlier in line with the upward momentum in the China domestic market. Similarly, Indian PP Homo Raffia offers were available at $20/ton higher compared to the same period. In the following week, PP Homo Raffia offers of Thailand and Saudi origin moved up between $40-60/ton and $30/ton, respectively, while Indian PP Homo Raffia offers from the leading Indian petrochemical producer recorded at $10/ton higher on a weekly comparison. SSESSMENTS.COM noted that May shipment offers for Saudi PP Homo Raffia were $150-170/ton higher compared to April shipment. As for Thai PP Homo Injection cargoes, the offers stood at $865/ton on LC at sight, CIF Vietnam Main Port basis at the end of April.
PP demand in Vietnam remained subdued in April. Since April 1, the government imposed partial lockdown in an attempt to curb the spread of Coronavirus. Rebound in the China market could not stimulate the PP market in the country. Buyers preferred to wait and monitor the market as the uptrend was expected to be short-lived considering the low feedstock prices and weak demand amid Coronavirus pandemic. However, in the last week of April, PP demand slightly improved and buyers were more willing to make procurements after the Vietnamese government decided to lift the lockdown, as informed to SSESSMENTS.COM. On the production front, most downstream factories were forced to stop production and cut the operating rates temporarily. Only manufacturers who produce essential products could run production at maximum capacity. On the supply side, PP cargoes in Vietnam reported sufficient throughout April, no significant issues reported by Vietnamese market players as demand was generally sluggish.
Looking into May, the majority of Vietnamese market players shared a positive outlook for local and import PP prices as demand in Vietnam is expected to continue to improve after the Coronavirus lockdown is lifted, as stated to SSESSMENTS.COM.
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Range of localized PP offers between April 1 to April 3 on cash, FD Vietnam basis (including 10% VAT in VND term, all equivalent in USD excluding VAT)
| Origin | Product | Transaction Type | Offers (VND/ton) | Equivalent in USD/ton |
|---|
| South Korea | PP Homo Injection | Offer Given | 22,000,000 | 851 |
Range of import PP offers between April 1 to April 3 on LC at sight, CIF Vietnam Main Port basis
| Origin | Product | Transaction Type | Offers (USD/ton) |
|---|
| Middle East | PP Homo Injection | Offer Given | 750 |
| Middle East | PP Homo Injection | Sold | 750 |
| China | PP Homo Raffia | Offer Received | 770-780 |
| Far East Asia | PP Homo Raffia | Offer Received | 830 |
| Middle East | PP Homo Raffia | Bid Received | 730 |
| Middle East | PP Homo Raffia | Buy Idea | 750 |
| Middle East | PP Homo Raffia | Offer Given | 750 |
| Middle East | PP Homo Raffia | Offer Received | 750-780 |
| Middle East | PP Homo Raffia | Sold | 730 |
| Southeast Asia | PP Homo Raffia | Sold | 760 |
Range of import PP offers between April 6 to April 10 on LC at sight, CIF Vietnam Main Port basis
| Origin | Product | Transaction Type | Offers (USD/ton) |
|---|
| Southeast Asia | PP Homo Film | Offer Given | 800 |
| Southeast Asia | PP Homo Film | Sold | 800 |
| Middle East | PP Homo Injection | Bid Received | 750-760 |
| Southeast Asia | PP Homo Injection | Offer Given | 865 |
| China | PP Homo Raffia | Offer Given | 800 |
| China | PP Homo Raffia | Offer Received | 800-820 |
| Indian Subcontinent | PP Homo Raffia | Offer Received | 770 |
| Middle East | PP Homo Raffia | Bid Given | 730 |
| Middle East | PP Homo Raffia | Bid Received | 730 |
| Middle East | PP Homo Raffia | Offer Received | 740-770 |
| Southeast Asia | PP Homo Raffia | Bid Given | 720 |
| Southeast Asia | PP Homo Raffia | Bid Received | 750 |
| Southeast Asia | PP Homo Raffia | Offer Given | 770 |
| Southeast Asia | PP Homo Raffia | Offer Received | 750 |
| Southeast Asia | PP Homo Raffia | Purchased | 750 |
| Southeast Asia | PP Homo Raffia | Sold | 770 |
Range of import PP offers between April 13 to April 17 on LC at sight, CIF Vietnam Main Port basis
| Origin | Product | Transaction Type | Offers (USD/ton) |
|---|
| Southeast Asia | PP Homo Film | Offer Received* | 880 |
| Southeast Asia | PP Homo Film | Offer Given | 840 |
| Southeast Asia | PP Homo Film | Sold | 840 |
| Southeast Asia | PP Homo Injection | Offer Given | 855 |
| Indian Subcontinent | PP Homo Raffia | Offer Received | 780-820 |
| Middle East | PP Homo Raffia | Offer Received | 790 |
| Southeast Asia | PP Homo Raffia | Offer Received* | 850 |
| Southeast Asia | PP Homo Raffia | Offer Given | 810-865 |
| Southeast Asia | PP Homo Raffia | Offer Received | 810-820 |
| Southeast Asia | PP Homo Raffia | Purchased | 800-820 |
| Southeast Asia | PP Homo Raffia | Sold | 810 |
| Southeast Asia | PP Random Copolymer Injection | Offer Received | 980 |
| Southeast Asia | PP Random Copolymer Injection | Purchased | 980 |
Description: *May shipment offers
Range of local PP offers between April 20 to April 24 on cash, FD Vietnam basis (including 10% VAT in VND term, all equivalent in USD excluding VAT)
| Origin | Product | Transaction Type | Offers (VND/ton) | Equivalent in USD/ton |
|---|
| Vietnam | PP Homo Raffia | Offer Given | 23,000,000 | 890 |
Range of import PP offers between April 20 to April 24 on LC at sight, CIF Vietnam Main Port basis
| Origin | Product | Transaction Type | Offers (USD/ton) |
|---|
| Southeast Asia | PP Homo Injection | Offer Given | 865 |
| China | PP Homo Raffia | Offer Received | 820 |
| Far East Asia | PP Homo Raffia | Offer Received | 800 |
| Middle East | PP Homo Raffia | Offer Received | 900 |
| Southeast Asia | PP Homo Raffia | Offer Given | 850-885 |
| Southeast Asia | PP Homo Raffia | Offer Received | 840-850 |
| Southeast Asia | PP Homo Raffia | Sold | 830 |
Range of local PP offers between April 27 to April 30 on cash, FD Ho Chi Minh basis (including 10% VAT in VND term, all equivalent in USD excluding VAT)
| Origin | Product | Transaction Type | Offers (VND/ton) | Equivalent in USD/ton |
|---|
| Vietnam | PP Homo Raffia | Purchased | 21,000,000 | 812 |
Range of import PP offers between April 27 to April 30 on LC at sight, CIF Vietnam Main Port basis
| Origin | Product | Transaction Type | Offers (USD/ton) | Payment Term |
|---|
| Far East Asia | PP Block Copolymer | Price List | 860-880 | LC at sight |
| China | PP Homo Injection | Offer Received | 820 | LC at sight |
| Far East Asia | PP Homo Injection | Offer Received | 820 | LC at sight |
| Southeast Asia | PP Homo Injection | Offer Received | 790 | TT |
| Southeast Asia | PP Homo Injection | Offer Given | 865 | LC at sight |
| Southeast Asia | PP Homo Injection | Offer Received | 850 | LC at sight |
| China | PP Homo Raffia | Offer Received | 820 | LC at sight |
| Far East Asia | PP Homo Raffia | Offer Given | 820 | LC at sight |
| Far East Asia | PP Homo Raffia | Offer Received | 820-830 | LC at sight |
| Far East Asia | PP Homo Raffia | Price List | 800 | LC at sight |
| Middle East | PP Homo Raffia | Sell Idea | 800 | LC at sight |
| Southeast Asia | PP Homo Raffia | Offer Received | 790 | TT |
| Southeast Asia | PP Homo Raffia | Offer Received | 850 | LC at sight |
| Southeast Asia | PP Homo Raffia | Offer Given | 885 | LC at sight |
Tags: Asia Pacific,English,Monthly,PP,SEA,Vietnam
Published on May 6, 2020 9:03 AM (GMT+8)
Last Updated on May 6, 2020 9:03 AM (GMT+8)
