As SSESSMENTS.COM noted, the shift in buying sentiment in the midst of influencing factors has urged a Vietnamese trader to amend import PP offers. According to the information provided by the trader, most of this week’s offers for import PP cargoes of various origins to the Vietnam market emerged with further increments. From the leading Indian petrochemical producer, the latest offers for import PP Homo Raffia increased by $15/ton. Whereas from Thailand, import offers for PP Homopolymer surged between $30-40/ton. All price changes are on a weekly interval. The trader stated that the current price increase was made following the better demand for PP resins in the Vietnam market. Moreover, import offers for Saudi PP Homo Raffia cargoes remain stable from last week at $960/ton on LC at sight, CIF Vietnam Main Port basis.
Speaking of the demand, the trader reported to SSESSMENTS.COM that buying sentiment this week has indeed improved compared to a few weeks ago. As of recent, buyers are more interested in making procurements and the trader has received quite lots of inquiries. The trader assumed that the better sentiment this week is likely supported by the rebound in international market prices as well as tight supply for PP in the domestic market.
Whereas in the local market, market talks have it that offers for PP Homo Raffia remain stable from last week, at VND24,500,000/ton ($1,054/ton) on cash, FD Vietnam basis and including 10% VAT. In the near future, the trader believes that the state of demand would not change significantly as the weather conditions will undoubtedly affect the sentiment. In terms of price, the trader opined that August shipment PP prices would meet some decreases as rumour has it that tight supply will be eased by then, as told to SSESSMENTS.COM.
