Sentiments are bearish in the Vietnamese PE market. As the inflation has aroused concerns about lower purchasing power of consumers, some market players have adopted a wait-and-see approach. Expectations of a further fall in prices for Chinese PE have also contributed to the decision to postpone purchases. A new COVID-19 wave is almost gone, but this is unlikely to affect demand in view of pessimistic macroeconomic outlook. Converters are also about lower demand for finished goods in view of the factors mentioned above.

Injection and blow-moulding HDPE has held its value of $1,160—1,190/t CIF Vietnam and $1,190—1,240/t CIF Vietnam respectively. Film HDPE price range has narrowed to $1,200—1,250/t CIF Vietnam. Foreign suppliers have marked down film LDPE by $15/t to $1,510—1,560/t CIF Vietnam and C4-LLDPE by $25/t to $1,210—1,260/t CIF Vietnam, respectively, this week.

PE market players may start sourcing more PE from China next week due to lower prices. Supply will be adequate. Market players’ concerns will keep demand low. PE prices are likely to hold steady or move $10—30/t down.