A Thai trader informed SSESSMENTS.COM on the downward adjustment of export PE and PP offers to the Vietnam market. This week, offers for export PP Homo Raffia and PP Homo Film from a Thai producer to Vietnam decreased $20/ton compared to last week’s levels. Deals concluded at $5/ton lower than the initial offer levels for both PP Homo Raffia and PP Homo Film. Initially, buyers submitted bids for PP Homo Raffia at $20/ton lower than the initial level at $880/ton on LC at sight, CIF Vietnam Main Port basis, however, these bids rejected by the producer. While in the local market, offers for PP Homo Raffia and PP Homo Film from the same producer slid by THB1,000/ton ($30/ton).
As for PE, offers for Malaysian LDPE Film via the trader to Vietnam market moved down by $40-50/ton on a weekly comparison as buyers are unwilling to accept the previous $1,000/ton-level, citing that Middle Eastern LDPE Film cargoes are currently available at $900/ton-level. Deals concluded for these cargoes at the same level to the initial offers at $960/ton on the same payment and delivery term. Demand-wise, PP demand in Vietnam is slow due to the Coronavirus concern, however, the trader stated that sales on the company’s end remain steady so far. While local polymer market remains quiet over the week. Currently, people are in panic after the government announced a state emergency. As such, the trader opined to SSESSMENTS.COM that PE and PP prices will remain soft in the near term.
