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Vietnamese players today reported receiving offers for Middle Eastern and Indian homo-PP at $30-40/t reduction compared to the last opening to reach $1000/ton, CIF Vietnam, LC AS term. There are several deals have been seen at the new level while many buyers are puzzling about such aggressive move.

A trader purchased 100 tons of Middle East cargoes at the mentioned price said, “We are requesting for additional 50 tons and currently waiting for supplier’s feedback. We were initially expecting to see offers at this level only at the end of the month, however, sluggish demand might push sellers to take more aggressive move.”

Meanwhile, a converter purchased 200 tons of Saudi Arabia homo-PP cargoes at the same level said, “We are buying in small quantity for now as we think there is still room for further downward adjustment in the coming days.” Another converter is negotiating for another $10/ton discount, yet suppliers are not in the position to commit additional reduction at the moment.

Import homo-PP prices to Vietnam is currently reported at $1000-1040/ton CIF Vietnam, LC AS term.