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Market players reported that a major Saudi Arabia maker has lifted homo-PP offer by $40-65/t to Vietnam this week compared to last week to reach $1135/t for yarn grade and $1110/t for injection grade, all based on CIF Vietnam, LC AS term.

A trader received the offer commented, “We have purchased the same cargoes from trader at $1090/t CIF term for May arrival and we are not planning to replenish additional cargoes. We think the market is not ready to accept anything above $1100/t level, especially traders, as the energy market started to loose momentum. There is a large quantity of material would arrive main port by mid-Apr, which mean local market might see better supply.”

Another buyer added, “Locally held homo-PP prices see a reduction of VND500,000/t ($22/t) compared to last week and it is more competitive than the latest offers we received from import market. We think this offer primarily aim to test the market acceptance level.  Our international supplier informed that PP prices would continue to move north in April, yet we are not rush to make fresh purchase now.”

Import homo-PP to Vietnam currently stand at $1065-1135/t CIF Vietnam, LC AS term.

Kindly visit the Daily Price section for the latest import and local prices to/in China and Southeast Asia market.