In Vietnam, import PP prices have been going up in the past two weeks after a stable month. This is due to the bullish trend in the Chinese PP market because of the energy cuts of the country.

The decrease in import supply due to the scarcity of arrivals as well as the high price growth are also believed to be other factors influencing the market.

On top of that, an improvement in the demand outlook in Vietnam since the second half of September on hopes of an easing of Covid-19-related restrictions also contributed to the weekly gains.

The Ho Chi Minh City Trade Center will begin lifting coronavirus-related restrictions in early October as expected.

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According to data from the General Statistics Office of Vietnam (GSO), gross domestic product
PP price increased by about 20-45 USD/ton compared to last week

The general price of PP homo raffia and injection imported by CIF method in Vietnam is estimated to increase by 20 USD/ton from last week, to 1200-1290 USD/ton and 1220-1290 USD/ton, respectively.

Some market participants said: “The price of imported PP has increased by 20-30 USD/ton from last week. The quantity of imported PP quotation is still limited. Meanwhile, we are still facing shipping problems. The freight charges are quite high and it is getting harder and harder to find ships these days.”

For the domestic market, the price of PP homo raffia also increased by 300,000-1,000,000 VND/ton ($13-44/ton) from last week and reached 31,800,000-33,500,000 VND/ton ($172-1340) /ton excluding VAT) by FD Vietnam, cash.

A company manufacturing finished products noted: “Domestic PP prices have increased slightly, keeping pace with the increase in import prices. Demand has recently improved on anticipation that the government will ease Covid-19-related restrictions from October to revive an economy that has been under pressure from a partial lockdown.