A Vietnamese trader informed SSESSMENTS.COM that the uptrend in both local and import prices is unable to boost demand for PP in the domestic market. Currently, import offers for PP Homo Raffia to the Vietnam market are very scarce and the trader assumed that most suppliers are still monitoring the movement in the China market. So far, the trader only received offers for PP Homo Raffia from the leading Indian petrochemical producer for this week, with offers captured at $10/ton higher than last week’s level. The trader further explained that the upward adjustment is indeed following the movement in the China market. Not only for imports, market talks have it that local offers for PP Homo Raffia were also adjusted up by VND1,000,000/ton ($42/ton) on a weekly comparison.
Unlike prices, demand for PP in the domestic market is unable to lift. The overall buying sentiment in Vietnam is still affected by the Coronavirus outbreak. However, the trader opined to SSESSMENTS.COM that room for PP prices to increase further remains open.
