Vietnamese players receive firmer Mid-Eastern PP prices
In Vietnam, PP players reported that they received higher prices for Middle Eastern origins following the end of the Chinese New Year holidays.
A trader reported that they were offered Saudi raffia at $860/ton CIF, cash this week. “We received a firmer price after the holidays and we found the offer to be too high to accept. We are not planning to replenish for now as we have sufficient material on hand. The market is quiet at the moment as most buyers are keeping to the sidelines in order to monitor developments. We feel that demand may not rebound as much as people expect,” the trader commented.
An end product manufacturer also reported that he received two raffia offers for different Middle Eastern origins at the same level of $860/ton CIF Vietnam, cash. The buyer stated, “This level indicates increases when compared to the pre-holiday levels. We are not planning to make fresh purchases for now as we are covered until April. We still believe that prices may have some room for further drops before they start to stabilize.”