A Vietnamese PS producer has adjusted local and export offers from a week earlier as crude oil prices have been relentlessly headed higher, sending monomer prices spinning upward. Following an uptrend in crude oil and SM prices, the producer applied a price increase of $10/ton for GPPS Injection cargoes to the export market from last week’s level, available at $850/ton on LC at sight, FOB Vietnam basis. The producer also initiated a price increase of $10/ton for local offers in USD denomination as compared to the same period, surfaced in the market at $910/ton on cash, FD Vietnam basis and excluding 10% VAT.
In the domestic market, the producer noted that overall raw materials sales have remained steady at a satisfactory level. In contrast, the producer has not received any feedback from the Chinese customers so far as most Chinese customers already secured sufficient volumes in the previous week. SSESSMENTS.COM’s pricing database noted that import offers from Taiwan suppliers also posed a competitive threat to the producer as market talks have it that current GPPS Injection offers of Taiwan origin are available in the China market at $830/ton on LC at sight, CIF Main Port basis, or $30/ton lower than the Vietnamese producer’s offer level.
For the Southeast Asia market, overall sales remain sluggish. The producer revealed that the company received less order from Malaysian customers as most prefer to purchase Taiwan and Singapore than Vietnam origin cargoes. Whereas in the Philippines, customers are holding back their purchases as most already purchased some volumes to cover up monthly production. “March-April shipment cargoes are being transported to their warehouses,” the producer added to SSESSMENTS.COM.
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