Last week, local plastic resin market became more active again. There are some reason for that may include:
– China plastics markets experienced an increase in price.
– The crude oil increase to level over 50USD per Barrel. In Vietnam when oil price and rose, traders and converters often think that Plastic price will increase soon then they have bases to buy.
– From 1 Jan 2017, PP import to Vietnam will be subject to 3% import tax so last week traders and converters import with the hope that they have not to pay import tax for their import PP.
– Finally, this is last quarter of the year, converter may need more raw materials to produce goods for higher consuption in the new year coming.
· PP and PE price in China last week rose about 10-20USD per ton in average.
· Import PP price offered to Vietnam increase about 20-30USD per ton but the transaction price rose only 15-20USD per ton.
· For PE plastics: LDPE and LLDPE offered to Vietnam almost no change meanwhile HPDE price drop about 5-10USD per ton.
PP and PE this week in Vietnam is forecast that will have no large change when oil price is still around 50USD per barrel and because last week customers already bought what they want.
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