Market Overview    

As for Southeast Asia (hereinafter referred to as SE Asia) countries, polyols price in most of them is down in reporting period. Flexible slab polyols offerings are currently heard at around USD1,850-1,950/ton CIF SE Asia in drum.          

Vietnam

According to Vietnam Customs data, in the first quarter of 2022, Vietnam's total trade in goods was US$176.75 billion, up 14.3 per cent year-on-year; of which, total exports rose 13.4 per cent year-on-year to US$89.1 billion and total imports rose 15.2 per cent year-on-year to US$87.64 billion.In March, the country's total trade in goods rose 38.1 per cent year-on-year; of which, exports rose 48.2 per cent year-on-year to US$34.71 billion and imports rose by 28.7% YoY to US$32.66 billion.

Compared to other developing markets in the region, Vietnam is emerging as a leader in low-cost manufacturing and sourcing. The latest World Bank report predicts that Vietnam is expected to be the fastest growing country in terms of income and trade among RCEP members.

In Vietnam, the PPG market is stable in reporting period. Flexible slab polyols offerings are heard at around USD 1,800-1,900/ton; HR polyols was reported at around USD 2,000-2,100/ton; CASE polyols at USD 2,050-2,150/ton CIF and POP45% is reported at USD1,900-2,000/ton. All in drum and CIF.

Indonesia

South Korea's Asia Daily reported on May 2 that Hyundai Motor has officially started to enter the Southeast Asian market with electric cars as a pioneer, aiming to disrupt the market in Southeast Asia where Japanese cars dominate. In addition to this, Hyundai is also actively involved in the materials business based on the rich mineral resources of the region.

According to Hyundai on May 1, Hyundai sold 1,587 units of the electric car IONIQ 5 in Indonesia in just five days from the 22nd to the 27th of last month, compared to 693 units of the eco-car sold in the whole of last year. The IONIQ 5 was produced at Hyundai's Bukasi Delta Mas Industrial Park in Indonesia. The IONIQ 5 is considered a "cold event" in the Southeast Asian market where Japanese cars account for more than 70% of the market.

Indonesia is very rich in mineral resources such as nickel and cobalt, the main raw materials for lithium batteries for electric vehicles. Hyundai Motor Group opened a battery cooperation factory with LG Energy last year, which helps to ensure competitiveness in terms of cost.

Most traders keep their quotation for exports to Indonesia. Flexible slab polyols offerings are heard at around USD 1,800-1,900/ton; HR polyols was reported at around USD 2,000-2,050/ton; CASE polyols at USD 2,050-2,100/ton CIF and POP45% is reported at USD 1,900-2,000/ton. All in drum and CIF...

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