A trader told SSESSMENTS.COM that adjustment on import PE, PP offers still unable to meet Vietnamese buyers’ expectation. As reported, import offers for HDPE Film and LLDPE Film C4 of Saudi origin went down by $60/ton and by $50/ton, respectively, compared to last week. Likewise, the offers for PP Homo Raffia of Indonesia origin dipped by $10/ton compared to the same period. While for South Korean PP Homo Raffia cargoes, the offers are still quite high at $880/ton on LC at sight, CIF Ho Chi Minh Port. In the local market, rumour has it that PP Homo Raffia cargoes are currently available between VND22,500,000-23,500,000/ton ($952-995/ton) on cash, FD Vietnam basis and including 10% VAT.
Regarding the demand, the trader stated to SSESSMENTS.COM that buying sentiment in the domestic market remains dull this week as most buyers are still expecting a further price reduction in the near future. Additionally, most manufacturers have reduced their operating rate to around 50% from the normal capacity. Looking ahead, the overall polymer market expected to remain on the bearish tone due to global economic slowdown amid the Coronavirus outbreak, the trader opined.
