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QuarterlySSESSMENTS: Q1 2020 Vietnam PE Prices

Author: SSESSMENTS

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  • ocalized PE offers in Vietnam fluctuated in the first quarter of 2020
  • PE market was bearish due to manifold factors
  • Sluggish PE demand expected to persist in the upcoming months

In January, localized PE offers in Vietnam were recorded on an uptrend on the back of tight supply. Offers for localized Saudi and Southeast Asian LLDPE Film C4 increased by VND1,000,000/ton ($42/ton) compared to the offers received in December. While for localized LDPE Film of Saudi origin, the offers surfaced with an increase of VND2,300,000/ton ($97/ton) compared to the same period. However, in the second half of January, SSESSMENTS.COM’s database recorded that no localized PE offers available in the market as most of the market players were in a holiday mood. Another increment of VND1,000,000/ton ($42/ton) applied on localized Saudi LLDPE Film C4 offers in February. In contrast, in the second week of February, offers for localized Saudi LLDPE Film C4 and US HDPE Film decreased between VND200,000-300,000/ton ($8-13/ton) from a week earlier due to the slow sales. As for March, no localized offers were recorded.

In the import market, at the final week of January, offers for HDPE Film and LDPE Film of Middle East origin increased between $40-50/ton, while LDPE Film of Malaysia origin and LLDPE Film C4 of Middle East origin surged by $40/ton and between $50-60/ton respectively as compared to offers at the second half of March. While February shipment offers for LLDPE Film C4 from a Saudi producer increased by $110/ton compared to January shipment due to limited supply on the producer’s end. Entering March, SSESSMENTS.COM’s data showed that limited transactions recorded in Vietnam as buying sentiment in the country eroded due to the drop in crude oil prices coupled with the fears of Coronavirus. As such, April shipment offers for HDPE Film, LDPE Film, and LLDPE Film C4 from the leading Saudi polyolefins producer surfaced in the Vietnam market with a reduction of between $50-90/ton compared to March shipment.

For other grades, In January, import offers for Saudi HDPE Blow Moulding increased by $30/ton as compared to the offers at the end of December and remained stable throughout February. While in March, Vietnamese buyers submitted bids for Indian HDPE Yarn at $110/ton lower than the initial offers at $730/ton on LC at sight, CIF Vietnam Main Port basis. Considering low crude oil and feedstock prices, market players opined to SESSMENTS.COM that bids at $700/ton-level for PE cargoes were reasonable.

Overall PE resins demand in Vietnam was sluggish during the first quarter of 2020. Buyers were keeping low inventory levels in January despite the limited supply in the market. Moreover, the Coronavirus pandemic, drop in crude oil prices, and the slow sales for finished products led converters to halt procurements in anticipation of lower PE prices. On the supply side, limited PE supply from foreign suppliers was reported in January due to maintenance season, especially from Middle Eastern producers. While in March, PE supply in Vietnam was ample, however, foreign suppliers might have shipment issues as most Southeast Asian countries have declared a state of emergency or lockdowns amid the Coronavirus outbreak, SSESSMENTS.COM noted.

Looking into Q2 2020, Vietnamese market players opined to SSESSMENTS.COM that PE prices would remain on a downtrend considering the bearish sentiment amid Coronavirus pandemic. Likewise, sluggish PE demand is predicted to persist in the upcoming months.

Transactions for localized PE in January on FD basis (including 10% VAT in VND term, all equivalent in USD excluding VAT)

OriginProductTransaction TypeOffers (VND/ton)Equivalent in USD/tonPayment Term
MalaysiaLDPE FilmOffer Received27,500,0001,057Cash in Advance
MalaysiaLDPE FilmOffer Received27,500,0001,05715 Days Credit Term
SaudiLDPE FilmOffer Received26,800,0001,030Cash in Advance
Southeast AsiaLDPE FilmOffer Received27,800,0001,069Cash In Advance
Southeast AsiaLDPE FilmPurchased26,900,0001,034Cash In Advance
ThailandLDPE FilmOffer Received27,500,0001,057Cash In Advance
ThailandLDPE FilmOffer Received28,000,0001,07630 Days Credit Term
SaudiLLDPE Film C4Offer Given24,300,000-24,500,000934-94215 Days Credit Term
SaudiLLDPE Film C4Offer Given24,000,000-24,500,000923-942Cash In Advance
SaudiLLDPE Film C4Offer Received24,500,000-25,000,000942-96115 Days Credit Term
SaudiLLDPE Film C4Offer Received24,000,000-25,000,000923-961Cash in Advance
SaudiLLDPE Film C4Purchased24,000,000923Cash in Advance
South KoreanLLDPE Film C4Offer Received23,500,000903Cash in Advance
South KoreanLLDPE Film C4Purchased23,500,000903Cash in Advance
Southeast AsiaLLDPE Film C4Offer Received24,300,000-24,400,000934-938TT
Southeast AsiaLLDPE Film C4Offer Received24,500,000942Cash In Advance
ThailandLLDPE Film C4Offer Received24,500,000-25,000,000942-96115 Days Credit Term

Transactions for import PE in January on LC at sight, CIF Vietnam Main Port basis

OriginProductTransaction TypeOffers (USD/ton)
Middle EastHDPE Blow MouldingOffer Received860-870
North AmericaHDPE Blow MouldingOffer Given830-850
North AmericaHDPE Blow MouldingOffer Received830
North AmericaHDPE Blow MouldingPurchased800-830
North AmericaHDPE Blow MouldingSell Idea865-870
North AmericaHDPE Blow MouldingSold830-835
Southeast AsiaHDPE Blow MouldingPurchased900
Far East AsiaHDPE FilmOffer Received880
Far East AsiaHDPE FilmOffer Given900
Middle EastHDPE FilmOffer Given860-900
Middle EastHDPE FilmOffer Received810-910
Middle EastHDPE FilmSold870
North AmericaHDPE FilmOffer Given820-850
North AmericaHDPE FilmOffer Received750-840
North AmericaHDPE FilmSell Idea865-870
North AmericaHDPE FilmSold820-835
Southeast AsiaHDPE FilmOffer Given900
Southeast AsiaHDPE FilmOffer Received870-880
Southeast AsiaHDPE FilmPurchased840
Middle EastHDPE Pipe (PE 100)Offer Received960
Southeast AsiaHDPE Pipe (PE 100)Offer Received1,030
Middle EastLDPE FilmBid Received940
Middle EastLDPE FilmOffer Given940-1,040
Middle EastLDPE FilmOffer Received980-1,010
Southeast AsiaLDPE FilmBid Given970
Southeast AsiaLDPE FilmOffer Given940
Southeast AsiaLDPE FilmOffer Received990-1,050
Southeast AsiaLDPE FilmPurchased970
Far East AsiaLLDPE Film C4Offer Given930
Far East AsiaLLDPE Film C4Offer Received870
Far East AsiaLLDPE Film C4Sold930
Indian SubcontinentLLDPE Film C4Offer Received895
Indian SubcontinentLLDPE Film C4Buy Idea890
Middle EastLLDPE Film C4Bid Given930
Middle EastLLDPE Film C4Offer Given860-950
Middle EastLLDPE Film C4Offer Received850-960
Middle EastLLDPE Film C4Purchased880
Middle EastLLDPE Film C4Sold870-890
North AmericaLLDPE Film C4Offer Given820-860
North AmericaLLDPE Film C4Offer Received800
North AmericaLLDPE Film C4Sell Idea855-860
North AmericaLLDPE Film C4Sold820-840
Southeast AsiaLLDPE Film C4Bid Given860
Southeast AsiaLLDPE Film C4Buy Idea860
Southeast AsiaLLDPE Film C4Offer Given880
Southeast AsiaLLDPE Film C4Offer Received860-920
Southeast AsiaLLDPE Film C4Purchased865

Transactions for localized PE in February on FD basis (including 10% VAT in VND term, all equivalent in USD excluding VAT)

OriginProductTransaction TypeOffers (VND/ton)Equivalent in USD/tonPayment TermDelivery Location
Saudi ArabiaHDPE Blow MouldingOffer Given23,500,000903Cash In AdvanceHo Chi Minh
Saudi ArabiaHDPE Blow MouldingOffer Given22,500,000865Cash In AdvanceHaiphong
Saudi ArabiaHDPE Blow MouldingSold22,500,000865Cash In AdvanceHaiphong
ThailandHDPE Blow MouldingOffer Given23,800,000915Cash In AdvanceHo Chi Minh
ThailandHDPE Blow MouldingOffer Given23,000,00088410 Days Credit TermHo Chi Minh
Saudi ArabiaHDPE FilmOffer Received23,000,000-23,500,000884-903Cash In AdvanceHaiphong
Saudi ArabiaHDPE FilmOffer Given23,000,000884Cash In AdvanceHo Chi Minh
USAHDPE FilmOffer Received22,000,000846Cash In AdvanceHo Chi Minh
MalaysiaLDPE FilmOffer Received26,500,000-28,500,0001,019-1,096Cash In AdvanceHaiphong
Saudi ArabiaLDPE FilmOffer Given26,500,000-27,000,0001,019-1,038Cash In AdvanceHaiphong
Saudi ArabiaLDPE FilmSold26,500,000-27,000,0001,019-1,038Cash In AdvanceHaiphong
Southeast AsiaLDPE FilmOffer Received27,000,0001,038Cash In AdvanceHaiphong
ThailandLDPE FilmOffer Given27,000,0001,038Cash In AdvanceHo Chi Minh
ThailandLDPE FilmOffer Given26,800,0001,03010 Days Credit TermHo Chi Minh
ThailandLDPE FilmOffer Received27,000,000-27,300,0001,038-1,050Cash In AdvanceHo Chi Minh
Middle EastLLDPE Film C4Offer Given24,000,000-24,200,000923-93010 Days Credit TermHo Chi Minh
Saudi ArabiaLLDPE Film C4Offer Given23,800,000915Cash In AdvanceHaiphong
Saudi ArabiaLLDPE Film C4Offer Received23,800,000-25,300,000915-973Cash In AdvanceHaiphong
Saudi ArabiaLLDPE Film C4Purchased24,000,000-25,000,000923-961Cash In AdvanceHaiphong
Saudi ArabiaLLDPE Film C4Sold23,800,000915Cash In AdvanceHaiphong
Saudi ArabiaLLDPE Film C4Offer Received24,000,000-25,500,000923-980Cash In AdvanceHo Chi Minh
Saudi ArabiaLLDPE Film C4Offer Received25,000,00096115 Days Credit TermHo Chi Minh
Saudi ArabiaLLDPE Film C4Sell Idea23,800,000915Cash In AdvanceHo Chi Minh
ThailandLLDPE Film C4Offer Received23,800,000915Cash In AdvanceHo Chi Minh

Transactions for import PE in February on LC at sight, CIF Vietnam Main Port basis

OriginProductTransaction TypeOffers (USD/ton)
Middle EastHDPE Blow MouldingOffer Given840-900
Middle EastHDPE Blow MouldingOffer Received820-840
Middle EastHDPE Blow MouldingSell Idea830-840
North AmericaHDPE Blow MouldingOffer Received800-860
North AmericaHDPE Blow MouldingPurchased770-850
Southeast AsiaHDPE Blow MouldingOffer Received950
Far East AsiaHDPE FilmOffer Received900
India SubcontinentHDPE FilmOffer Received810
Middle EastHDPE FilmOffer Given835-870
Middle EastHDPE FilmOffer Received820-900
Middle EastHDPE FilmSold850-870
North AmericaHDPE FilmOffer Received820-890
Southeast AsiaHDPE FilmOffer Received870
Middle EastHDPE Pipe Black (100)Offer Given980
Indian SubcontinentHDPE YarnOffer Given830
Indian SubcontinentHDPE YarnOffer Received840-845
Indian SubcontinentHDPE YarnSold830
Southeast AsiaHDPE YarnOffer Given910
Southeast AsiaHDPE YarnSold910
ChinaLDPE FilmOffer Received885
Middle EastLDPE FilmOffer Given980-990
Middle EastLDPE FilmOffer Received960-1,020
Middle EastLDPE FilmSell Idea960-970
Middle EastLDPE FilmSold980
North AmericaLDPE FilmOffer Received970
Southeast AsiaLDPE FilmOffer Given1,020-1,030
Southeast AsiaLDPE FilmOffer Received1,020-1,080
Southeast AsiaLDPE FilmPurchased1,070
Southeast AsiaLDPE FilmSold1,020
Indian SubcontinentLLDPE Film C4Bid Received800
Indian SubcontinentLLDPE Film C4Offer Given840-870
Indian SubcontinentLLDPE Film C4Offer Received840-845
Indian SubcontinentLLDPE Film C4Sold820
Middle EastLLDPE Film C4Bid Given855
Middle EastLLDPE Film C4Buy Idea850
Middle EastLLDPE Film C4Offer Given860-920
Middle EastLLDPE Film C4Offer Received850-950
Middle EastLLDPE Film C4Sold850-900
North AmericaLLDPE Film C4Offer Received860
North AmericaLLDPE Film C4Sold845
Southeast AsiaLLDPE Film C4Offer Given920
Southeast AsiaLLDPE Film C4Offer Given920
Southeast AsiaLLDPE Film C4Offer Received880-900
Southeast AsiaLLDPE Film C4Purchased935

Transactions for import PE in March on CIF Vietnam Main Port basis

OriginProductTransaction TypeOffers (USD/ton)Payment Term
Middle EastHDPE Blow MouldingOffer Given840LC at sight
Middle EastHDPE Blow MouldingBuy Idea800LC at sight
North AmericaHDPE Blow MouldingBid Received680-740LC at sight
North AmericaHDPE Blow MouldingBuy Idea800LC at sight
North AmericaHDPE Blow MouldingOffer Given750-840LC at sight
North AmericaHDPE Blow MouldingOffer Received850LC at sight
North AmericaHDPE Blow MouldingSell Idea800LC at sight
Far East AsiaHDPE FilmOffer Received780-900LC at sight
Indian SubcontinentHDPE FilmOffer Received820LC at sight
Middle EastHDPE FilmBuy Idea650LC at sight
Middle EastHDPE FilmOffer Given830-840LC at sight
Middle EastHDPE FilmOffer Received730*-840LC at sight
Middle EastHDPE FilmPurchased710*-860LC at sight
Middle EastHDPE FilmSold830LC at sight
North AmericaHDPE FilmOffer Received730-780LC at sight
Southeast AsiaHDPE FilmBid Received850LC at sight
Southeast AsiaHDPE FilmOffer Given840-900LC at sight
Southeast AsiaHDPE FilmOffer Received820LC at sight
Indian SubcontinentHDPE YarnBid Given730LC at sight
Indian SubcontinentHDPE YarnOffer Given820LC at sight
Indian SubcontinentHDPE YarnOffer Received780-840LC at sight
Indian SubcontinentHDPE YarnOffer Received800LC 90 days
Southeast AsiaHDPE YarnOffer Given890LC at sight
Indian SubcontinentLDPE FilmOffer Given950LC at sight
Indian SubcontinentLDPE FilmBid Received930LC at sight
Middle EastLDPE FilmBid Received870LC at sight
Middle EastLDPE FilmOffer Given900-950LC at sight
Middle EastLDPE FilmOffer Received900***LC at sight
Middle EastLDPE FilmPurchased900***-990LC at sight
Middle EastLDPE FilmSold930-950LC at sight
Southeast AsiaLDPE FilmOffer Given940-1,000LC at sight
Southeast AsiaLDPE FilmSold960-1,010LC at sight
Far East AsiaLLDPE Film C4Offer Received910-930LC at sight
Indian SubcontinentLLDPE Film C4Offer Given810LC at sight
Middle EastLLDPE Film C4Offer Given810-850LC at sight
Middle EastLLDPE Film C4Offer Received830**-850**LC at sight
Middle EastLLDPE Film C4Purchased830-910LC at sight
North AmericaLLDPE Film C4Offer Given780-800LC at sight
North AmericaLLDPE Film C4Sold800LC at sight
Southeast AsiaLLDPE Film C4Offer Given820-850LC at sight
Southeast AsiaLLDPE Film C4Sold800LC at sight
North AmericamLLDPE C6Offer Received1,050LC at sight
Southeast AsiamLLDPE C6Offer Received1,050LC at sight
Description: *Shipment from Malaysia and Singapore, **Offers for April shipment, ***Offers for April shipment, shipped from Malaysia and Singapore

Tags: Asia Pacific,English,PE,Quarterly,SEA,Vietnam

Published on April 8, 2020 1:26 PM (GMT+8)
Last Updated on April 8, 2020 1:36 PM (GMT+8)

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