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According to market sources, a trader in Vietnam has lifted import homo-PP offers to the country by $10/ton for Indian origin cargoes compared to official offers last week to reach $1000/ton CIF Vietnam, LC AS term. The trader also implemented some $25-35/ton hike on Saudi Arabia homo-PP parcel, touching $1015-1025/ton with the same term.

Source from the trader informed, “We managed to conclude some deals for Saudi cargoes at $1015/ton CIF term to manufacturing customers. We think that market might continue to firm up in the near term given strong upstream costs.”

Buyers in the country are generally surprise with such hike claiming weak local demand that hurdle seller’s effort in lifting domestic offers. Confusion in building up due to divergent trend in local and import ground, however, there is one clear thing that market is expecting a better demand condition in the coming month, after the National Day holidays on 2 September.

Import homo-PP prices to Vietnam currently stand at $1010-1025/ton CIF Vietnam, LC AS term. Offers below the $1000/ton threshold is temporary not available.