12 July 2013 04:04 [Source: ICIS news]
SINGAPORE (ICIS)--Vietnam’s polyolefins imports have weakened since end June following the sharp depreciation of its currency – the dong (D) – that made dollar-denominated commodities more expensive, industry sources said on Friday.
The Vietnamese dong is currently trading at above D21,000 to the US dollar, down by about 1% from the end of last year.
The central bank allowed the sharp depreciation of the currency as part of efforts to strengthen Vietnam’s export competitiveness, traders said.
Local polyolefin distributors are encouraged by this development to export PP flat yarn and injective grade resins, they said.
Vietnamese PP flat yarn and injection grades were offered at $1,490-1,510/tonne (€1,132-1,148/tonne) CFR (cost and freight) Indonesia this week, traders said.
($1 = D21,222 / $1 = €0.76)
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