06 March 2013 02:17 [Source: ICIS news]
HO CHI MINH (ICIS)--Vietnam’s polypropylene (PP) prices fell this week as domestic buying sentiment was dampened by the lower-priced offers of re-export from China, local traders said on Wednesday.
Middle East PP flat yarn grades were offered at $1,520-1,550/tonne (€1,170-1,194/tonne) CFR (cost & freight) Vietnam this week for prompt re-export from Chinese ports, the local traders said.
“Vietnam’s import prices were expected to fall in April when the typical low demand season kicks in, but the re-export offered from China had brought forward the price fall,” a local trader said.
The April-June period is typically a low demand season for PP flat yarn grade resins, local traders said.
As a result of the re-export offers from China, buying ideas for imported PP flat yarn were cited at not more than $1,520/tonne CFR Vietnam this week, they said.
Vietnam’s PP flat yarn import prices were assessed at $1,520-1,540/tonne CFR Vietnam in the week ended 1 March, according to ICIS.
The demand for PP flat yarn has been weak since last year because of poor performance in the local real estate industry, the traders said.
In Vietnam, PP flat yarn resin is mainly used to make bags for packaging cement and fertilisers.
($1 = €0.77)
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