A Vietnamese trader revealed to SSESSMENTS.COM on the latest adjustment on import PE and PP offers from several origins to the country. This week, the trader received July shipment offers for HDPE Blow Moulding and HDPE Film from a Saudi producer at $830/ton and $850/ton, respectively. While HDPE Film offers from the leading Philipines polyolefins producer stand at $860/ton, no comparison as the trader did not receive offers for these cargoes last week.
While for PP, July shipment offers for Malaysian PP Homo Raffia cargoes are available at $20/ton higher on a weekly comparison. For Saudi cargoes, no fresh offers yet after the trader sold PP Homo Raffia cargoes at $930/ton last week. As for India origin, July shipment offers for PP Homo Raffia cargoes stand at $900/ton. Meanwhile, August shipment offers for PP Homo Raffia from the leading Indian petrochemical producer remain stable at $920/ton. However, the trader is facing difficulties to sell these cargoes as buyers are still expecting PP prices below $900/ton-level. Moreover, with the history of shipment delay, buyers are more reluctant to take Indian PP cargoes, SSESSMENTS.COM was told. All import offers are on LC at sight, CIF Vietnam Main Port basis.
As most of the suppliers do not have any pressure to sell cargoes, the trader predicts July shipment offers to remain stable to firm onward. However, the outlook for August shipment offers is gloomy. The trader opined to SSESSMENTS.COM that PE and PP prices will drop a lot for August shipment as currently, the second wave of the Coronavirus outbreak is seen in China. Additionally, several cities in China have been affected by the flood.
