- Local PP offers on the same trend during June
- Market players called import PP Homo Raffia offers from a certain origin as ridiculous
- PP demand remained on a soft note throughout June
During June, local and localized PP offers in the Vietnam market were mostly on an uptrend, in line with the international market trend. However, SSESSMENTS.COM was told that a local producer attempted to keep offers competitive by avoiding significant upward adjustments. The producer even applied a downward adjustment of VND500,000/ton ($21/ton) on their offers for PP Homo Raffia in the week commencing June 22 when other suppliers in the country increased offers for the same product. In the first week of June, offers for local PP Homo Raffia and PP Homo Injection increased by VND100,000/ton ($4/ton) and VND200,000/ton ($8/ton) respectively. Meanwhile, offers for localized PP Homo Injection cargoes from Saudi went up by VND500,000/ton ($21/ton). In the following week, further upward adjustments between VND500,000-1,000,000/ton ($21-43/ton) were captured for local PP Homo Raffia offers. In the week commencing June 15, local PP Homo Raffia offers increased again by VND400,000/ton ($17/ton) and already reached VND26,000,000/ton ($1,117/ton) on cash, FD Vietnam basis and including 10% VAT. In the same week, offers for localized PP Homo Raffia from Saudi increased by VND1,000,000/ton ($43/ton). In the fourth week of the month, another price increment of VND300,000/ton ($13/ton) on local PP Homo Raffia was recorded. All changes were on a weekly comparison.
From the import market, upward movements were mostly seen in the first half of the month while in the second half, offers for some origins were captured stable on a weekly comparison. In the first week of June, SSESSMENTS.COM was informed that PP Homo Raffia offers from Thai producers increased between $30-50/ton while offers for the grade from Saudi also increased between $30-40/ton. In the second week, a Thai producer increased offers for PP Homo Raffia further by $50/ton citing limited allocation. Likewise, PP Homo Raffia offers from Saudi hiked by $60/ton. In the third week, PP Homo Raffia offers from India were stable to increase by $20/ton. In the same week, Middle Eastern PP Homo Raffia cargoes offered between $20-30/ton higher. In the week commencing June 22, offers for Thailand PP Homo Raffia stood at $1,050/ton on LC at sight, CIF Vietnam main port basis. Market players called such a level ridiculously high. As for Middle East origin, offers for PP Homo Raffia in this particular week were stable. All were also on a weekly comparison.
PP demand in Vietnam remained on a soft note throughout June as sales for converters’ end-products were still slow. The rainy season has impacted the end-product sales. Some converters were only running between 40-50% of the normal operating rate. Besides, high offer levels discouraged buyers from making purchases. Some converters with sufficient inventory on hand were not interested in making procurements and preferred to monitor market movements. On the supply side, Thai producers had limited allocation to Vietnam during the month, but no issues were reported to SSESSMENTS.COM on local supply. In the production sector, market talks have it that Nghi Son Refinery and Petrochemical (NSRP) is currently running at 70% of normal capacity and plans to run at full capacity in August. According to rumour, Binh Son Refinery and Petrochemical (BSR) will have maintenance shutdown in July and August. However, no confirmation and further details regarding the matter up to the time of publication.
Looking ahead, market players contacted by SSESSMENTS.COM opined that PP offers in the Vietnam market will decrease in July due to unsupportive demand following slow sales of end-products amid the intensifying rain in the particular month.
Range of local/localized PP offers between June 1 to June 5 on cash, FD basis (including 10% VAT in VND term, excluding VAT in USD term)
| Origin | Product | Transaction Type | Offers (VND/ton) | Equivalent in USD/ton | Delivery Location |
|---|
| Saudi Arabia | PP Homo Injection | Offer Received | 24,500,000 | 957 | Ho Chi Minh |
| Thailand | PP Homo Injection | Offer Received | 24,700,000-25,000,000 | 964-976 | Ho Chi Minh |
| Vietnam | PP Homo Injection | Offer Received | 24,200,000 | 945 | Ho Chi Minh |
| Vietnam | PP Homo Injection | Purchased | 24,200,000 | 945 | Ho Chi Minh |
| Vietnam | PP Homo Raffia | Offer Received | 23,100,000-24,000,000 | 902-937 | Ho Chi Minh |
| Vietnam | PP Homo Raffia | Offer Received | 24,500,000-25,500,000 | 957-996 | Haiphong |
| Vietnam | PP Homo Raffia | Purchased | 24,500,000 | 957 | Haiphong |
| Vietnam | PP Homo Raffia | Sell Idea | 23,700,000 | 925 | Haiphong |
Range of import PP offers between June 1 to June 5 on LC at sight, CIF Vietnam Main Port basis
| Origin | Product | Transaction Type | Offers (USD/ton) |
|---|
| Middle East | PP Block Copolymer | Offer Received | 820-850 |
| Middle East | PP Homo Injection | Purchased | 1,040 |
| Middle East | PP Homo Injection | Sell Idea | 990-1,000 |
| Southeast Asia | PP Homo Injection | Offer Given | 950 |
| Southeast Asia | PP Homo Injection | Sell Idea | 990-1,000 |
| China | PP Homo Raffia | Offer Received | 900 |
| Far East Asia | PP Homo Raffia | Offer Received | 950 |
| Indian Subcontinent | PP Homo Raffia | Offer Given | 880 |
| Indian Subcontinent | PP Homo Raffia | Offer Received | 900 |
| Middle East | PP Homo Raffia | Offer Received | 860-930 |
| Middle East | PP Homo Raffia | Bid Received | 870 |
| Middle East | PP Homo Raffia | Purchased | 920 |
| Middle East | PP Homo Raffia | Sold | 870 |
| Southeast Asia | PP Homo Raffia | Offer Received | 970-990 |
Range of local/localized PP offers between June 8 to June 12 on cash, FD basis (including 10% VAT in VND term, excluding VAT in USD term)
| Origin | Product | Transaction Type | Offers (VND/ton) | Equivalent in USD/ton | Delivery Location |
|---|
| Vietnam | PP Homo Raffia | Offer Given | 24,800,000-26,000,000 | 968-1,015 | Haiphong |
| Vietnam | PP Homo Raffia | Offer Received | 24,500,000 | 957 | Haiphong |
| Vietnam | PP Homo Raffia | Offer Received | 25,000,000 | 976 | Ho Chi Minh |
| Saudi | PP Homo Raffia | Offer Given | 25,500,000 | 996 | Ho Chi Minh |
| Thailand | PP Homo Raffia | Offer Given | 24,800,000 | 968 | Ho Chi Minh |
| South Korea | PP Random Copolymer | Offer Received | 29,000,000 | 1,132 | Ho Chi Minh |
Range of import PP offers between June 8 to June 12 on LC at sight, CIF Vietnam Main Port basis
| Origin | Product | Transaction Type | Offers (USD/ton) |
|---|
| North America | PP Block Copolymer | Purchased | 1,190*** |
| Indian Subcontinent | PP Homo Film | Offer Received | 945** |
| Far East Asia | PP Homo Film | Offer Received | 980* |
| Middle East | PP Homo Injection | Offer Given | 900 |
| Southeast Asia | PP Homo Injection | Offer Given | 1,000 |
| Indian Subcontinent | PP Homo Raffia | Offer Given | 920 |
| Indian Subcontinent | PP Homo Raffia | Offer Received | 920** |
| Middle East | PP Homo Raffia | Offer Given | 900-930 |
| Middle East | PP Homo Raffia | Offer Received | 880-920 |
| Middle East | PP Homo Raffia | Sold | 880-930 |
| Middle East | PP Homo Raffia | Bid Received | 920 |
| Southeast Asia | PP Homo Raffia | Offer Received | 920*-1,000 |
Description: *July shipment offers **August shipment offers ***Special grade
Range of local/localized PP offers between June 15 to June 19 on cash, FD basis (including 10% VAT in VND term, excluding VAT in USD term)
| Origin | Product | Transaction Type | Offers (VND/ton) | Equivalent in USD/ton | Delivery Location |
|---|
| Saudi | PP Block Copolymer | Offer Given | 28,500,000 | 1,113 | Ho Chi Minh |
| South Korea | PP Homo Raffia | Offer Given | 25,000,000 | 976 | Haiphong |
| Vietnam | PP Homo Raffia | Offer Given | 25,300,000 | 988 | Ho Chi Minh |
| Vietnam | PP Homo Raffia | Offer Given | 25,200,000 | 984 | Haiphong |
| Vietnam | PP Homo Raffia | Offer Received | 24,600,000-24,800,000 | 960-968 | Ho Chi Minh |
| Vietnam | PP Homo Raffia | Offer Received | 25,080,000-26,000,000 | 979-1,015 | Haiphong |
| Vietnam | PP Homo Raffia | Sell Idea | 26,500,000 | 1,035 | Haiphong |
| Saudi | PP Homo Raffia | Offer Given | 26,000,000 | 1,015 | Ho Chi Minh |
| Saudi | PP Homo Raffia | Sell Idea | 26,500,000 | 1,035 | Ho Chi Minh |
| South Korea | PP Homo Raffia | Offer Given | 25,000,000 | 976 | Haiphong |
| Saudi | PP Random Copolymer Injection | Offer Given | 32,000,000 | 1,249 | Ho Chi Minh |
Range of import PP offers between June 15 to June 19 on LC at sight, CIF Vietnam Main Port basis
| Origin | Product | Transaction Type | Offers (USD/ton) |
|---|
| Far East Asia | PP Block Copolymer | Offer Given | 980 |
| Middle East | PP Homo Injection | Offer Received | 980 |
| Indian Subcontinent | PP Homo Injection | Offer Given | 920-930 |
| Middle East | PP Homo Injection | Buy Idea | 890-900 |
| Middle East | PP Homo Injection | Offer Given | 920-930 |
| Middle East | PP Homo Injection | Offer Received | 930 |
| Southeast Asia | PP Homo Injection | Offer Given | 1,030 |
| Far East Asia | PP Homo Raffia | Offer Received | 940-950 |
| Indian Subcontinent | PP Homo Raffia | Offer Given | 900*-930 |
| Middle East | PP Homo Raffia | Buy Idea | 890-900 |
| Middle East | PP Homo Raffia | Offer Given | 910-930 |
| Middle East | PP Homo Raffia | Offer Received | 930 |
| Middle East | PP Homo Raffia | Sold | 910-930 |
| Southeast Asia | PP Homo Raffia | Offer Given | 940* |
| Southern Africa | PP Homo Raffia | Sold | 900 |
Description: *Offers for July shipment
Range of local/localized PP offers between June 22 to June 26 on cash, FD basis (including 10% VAT in VND term, excluding VAT in USD term)
| Origin | Product | Transaction Type | Offers (VND/ton) | Equivalent in USD/ton | Delivery Location |
|---|
| Saudi | PP Block Copolymer | Offer Given | 28,500,000 | 1,113 | Ho Chi Minh |
| Malaysia | PP Homo Film | Sold | 26,600,000 | 1,039 | Ho Chi Minh |
| South Korea | PP Homo Film | Offer Given | 26,600,000-27,000,000 | 1,039-1,054 | Ho Chi Minh |
| Thailand | PP Homo Film | Sell Idea | 28,000,000 | 1,093 | Ho Chi Minh |
| Saudi | PP Homo Raffia | Offer Given | 26,000,000 | 1,015 | Ho Chi Minh |
| Saudi | PP Homo Raffia | Offer Given | 25,500,000-25,800,000 | 996-1,007 | Haiphong |
| South Korea | PP Homo Raffia | Sold | 25,500,000 | 996 | Haiphong |
| Thailand | PP Homo Raffia | Offer Received | 27,600,000 | 1,078 | Ho Chi Minh |
| Vietnam | PP Homo Raffia | Offer Received | 24,300,000-26,300,000 | 949-1,027 | Ho Chi Minh |
| Vietnam | PP Homo Raffia | Purchased | 24,200,000 | 945 | Ho Chi Minh |
| Vietnam | PP Homo Raffia | Offer Received | 26,300,000 | 1,027 | Haiphong |
| Saudi | PP Random Copolymer Injection | Offer Given | 32,000,000 | 1,249 | Ho Chi Minh |
Range of import PP offers between June 22 to June 26 on LC at sight, CIF Vietnam Main Port basis
| Origin | Product | Transaction Type | Offers (USD/ton) |
|---|
| Middle East | PP Block Copolymer | Offer Given | 1,020* |
| Middle East | PP Homo Film | Offer Received | 1,030 |
| Far East Asia | PP Homo Injection | Offer Received | 940* |
| Middle East | PP Homo Injection | Offer Received | 930 |
| Southeast Asia | PP Homo Injection | Offer Given | 1,030 |
| Far East Asia | PP Homo Raffia | Offer Received | 940* |
| Indian Subcontinent | PP Homo Raffia | Offer Received | 930 |
| Middle East | PP Homo Raffia | Offer Given | 930 |
| Middle East | PP Homo Raffia | Offer Received | 920-1,000 |
| Middle East | PP Homo Raffia | Bid Received | 920 |
| Middle East | PP Homo Raffia | Sold | 930 |
| Southeast Asia | PP Homo Raffia | Offer Given | 1,050 |
| Southern Africa | PP Homo Raffia | Bid Received | 920 |
Description: *Offers for July shipment
Range of localized PP offers between June 29 to June 30 on cash, FD basis (including 10% VAT in VND term, excluding VAT in USD term)
| Origin | Product | Transaction Type | Offers (VND/ton) | Equivalent in USD/ton | Delivery Location |
|---|
| China | PP Homo Raffia | Offer Received | 24,500,000-25,000,000 | 957-976 | Haiphong |
| India | PP Homo Raffia | Offer Received | 24,500,000-25,000,000 | 957-976 | Haiphong |
Range of import PP offers between June 29 to June 30 on LC at sight, CIF Vietnam Main Port basis
| Origin | Product | Transaction Type | Offers (USD/ton) |
|---|
| Middle East | PP Block Copolymer | Offer Received | 1,040 |
| Far East Asia | PP Homo Raffia | Offer Received | 1,000 |
| Middle East | PP Homo Raffia | Offer Received | 970 |
Description: *All offers for July shipment
Tags: Asia Pacific,English,Monthly,PP,SEA,Vietnam
Published on June 30, 2020 5:41 PM (GMT+8)
Last Updated on July 1, 2020 1:39 PM (GMT+8)
