A Vietnamese converter prefers to skip procuring import PE and PP cargoes as prices expected to make a U-turn by the end of this month. As informed to SSESSMENTS.COM, this week offers for import PE cargoes across all grades from the leading Saudi polyolefins producer remain firm between $840-960/ton on LC at sight, CIF Vietnam Main Port basis, citing that the allocation at the producer’s end is limited. While for US cargoes, no fresh offers received as some producers are conducting maintenance shutdown.
Likewise, offers for Chinese PP Homo Raffia remain firm. While for Thai PP Homo Raffia, SSESSMENTS.COM’s pricing database showed that the offers increased by $40/ton on a weekly comparison, stood at almost $1,000/ton-level, at $990/ton on the same payment and delivery term. The converter decided to skip procurements for both PE and PP cargoes as the import offers are deemed too high. Moreover, considering current demand conditions in Vietnam, which is not strong yet, PE and PP prices expected to decline towards the end of this month. Additionally, as the tension between the US and China over Hong Kong intensifies, the converter believes that China market would be affected and, in turn, might lower polymer prices as well.
