MarketsWednesday, 24 June 2026·India
Vietnam Homo-PP Market Extends Decline as Chinese and South Korean Suppliers Intensify Competition
Vietnam’s import homo-PP market remained under strong downward pressure this week as competition between Chinese and South Korean suppliers continued to increase. Freshly reduced offers from China, combined with additional price cuts from South Korean sellers, pushed market levels below the $1100/ton CIF Vietnam mark, while weak downstream demand continued to limit purchasing activity.
Chinese suppliers entered the market with homo-PP raffia and injection offers ranging between $1050-1120/ton CIF Vietnam, adding further pressure to an already well-supplied market. The lower Chinese offers significantly narrowed the gap with South Korean material and forced suppliers from other origins to remain competitive.
Compared with last week, the market saw a noticeable decline in offer levels. South Korean raffia offers, which were previously reported around $1160-1170/ton CIF Vietnam, have now fallen to approximately $1100/ton CIF, reflecting a sharp week-on-week correction.
Despite these reductions, buyers continue to push for even lower levels. Some market participants reported bids below the $1000/ton CIF threshold, with one buyer targeting around $970/ton CIF for South Korean raffia material. However, sellers remain reluctant to conclude deals at such prices and continue attempting to keep transaction levels above the $1000/ton mark.
The ongoing competition among suppliers has accelerated the correction that began in mid-April. Current market levels indicate that Vietnam’s import homo-PP raffia and injection prices have fallen by approximately 20% from the highs recorded earlier this year.
Even after this substantial decline, prices remain noticeably higher than pre-conflict levels. Market estimates suggest that import homo-PP prices are still around 28% above late-February levels, representing a premium of roughly $250/ton.
Many buyers believe that a portion of this premium has yet to be fully eliminated. With demand remaining weak and suppliers continuing to compete aggressively for limited business, market participants expect further downward adjustments in the coming weeks.
For now, buyers remain cautious and continue purchasing only essential volumes, while closely monitoring whether growing competition among regional suppliers will push prices below the key $1000/ton CIF level.
Stay ahead of market trends with the Credco app. For any queries, please reach out via WhatsApp at +91 8448083211.
Chinese suppliers entered the market with homo-PP raffia and injection offers ranging between $1050-1120/ton CIF Vietnam, adding further pressure to an already well-supplied market. The lower Chinese offers significantly narrowed the gap with South Korean material and forced suppliers from other origins to remain competitive.
Compared with last week, the market saw a noticeable decline in offer levels. South Korean raffia offers, which were previously reported around $1160-1170/ton CIF Vietnam, have now fallen to approximately $1100/ton CIF, reflecting a sharp week-on-week correction.
Despite these reductions, buyers continue to push for even lower levels. Some market participants reported bids below the $1000/ton CIF threshold, with one buyer targeting around $970/ton CIF for South Korean raffia material. However, sellers remain reluctant to conclude deals at such prices and continue attempting to keep transaction levels above the $1000/ton mark.
The ongoing competition among suppliers has accelerated the correction that began in mid-April. Current market levels indicate that Vietnam’s import homo-PP raffia and injection prices have fallen by approximately 20% from the highs recorded earlier this year.
Even after this substantial decline, prices remain noticeably higher than pre-conflict levels. Market estimates suggest that import homo-PP prices are still around 28% above late-February levels, representing a premium of roughly $250/ton.
Many buyers believe that a portion of this premium has yet to be fully eliminated. With demand remaining weak and suppliers continuing to compete aggressively for limited business, market participants expect further downward adjustments in the coming weeks.
For now, buyers remain cautious and continue purchasing only essential volumes, while closely monitoring whether growing competition among regional suppliers will push prices below the key $1000/ton CIF level.
Stay ahead of market trends with the Credco app. For any queries, please reach out via WhatsApp at +91 8448083211.
