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The regional PP market open the new week with stable to firm trend as tight supply continue to support the market amid uncertain demand outlook in the region’s biggest buyer – China.

This morning, a major Middle East PP maker has lifted their offer for homo-PP cargoes to Vietnam by $10/t compared to last week to reach $890/t CIF Vietnam, LC AS term. A buyer received the new offer said, “We bid for $30/t lower but our supplier refused the bid immediately. They are willing to only give $10/t discount on deal at the moment. We think that the PP market might remain firm in the coming month, but we are not confident about second quarter outlook; therefore we might need to reconsider when it comes to purchase deep-sea cargoes.”

Another Saudi makers reportedly maintain their offer at $900/t level for homo-PP, CIF term. Buyers reported that the supplier appears to be not in the mood for negotiation. Meanwhile, a Chinese trader said, “We managed to conclude some coal based PP cargoes to Vietnam at $890/t CIF term after a week long negotiation. Demand in our home market has yet to pick up, but we believed that tight supply would provide a solid support in the near term.”

Import homo-PP prices to Southeast Asia market currently stand at $880-940/t CIF, L/C AS term.

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