A global trading house stated to SSESSMENTS.COM that Vietnamese buyers shy away from fresh procurement in anticipation of the second wave of COVID-19. Saying so, this week the trader predicts that import PE and PP offers to the Vietnam market will continue to soar despite the current end-product demand in the domestic market has yet to improve and is expected to remain stagnant or even worse in the days to come. The trader cited that most market players are now anticipating the second wave of Coronavirus outbreak that later will likely affect the market sentiment. Due to this, the number of deals declined as most buyers are not confident in making procurement, let alone in bulk.
In terms of offers, last week, the trader managed to sell HDPE Film and LLDPE Film C4 cargoes of Saudi origin at $860/ton on LC at sight, CIF Vietnam Main Port basis. Considering those deals, the trader believes that buyers’ acceptance level for import PE offers this week would be between $860-870/ton-level, or around the same level as last week’s deals, SSESSMENTS.COM noted. Whereas for PP cargoes, the trader had no offers available last week but market talks have it that South Korean PP Homo Raffia was offered at $1,000/ton-level, and indeed the offers gained stiff resistance from buyers.
