Saudi's homo-PP concluded below $1000/ton threshold in Vietnam

According to market sources, couples of Saudi Arabia PP suppliers have stepped back on their PP prices to Vietnam this week, breaching below the $1000/ton threshold for the first time since mid-June 2016, reaching $970-980/ton CIF Vietnam, LC AS term.

A buyer purchased 100 tons of homo-PP yarn and injection at $980/ton CIF, LC AS term said, “Domestic market is weak at the moment and it seems that supply in both domestic and international suppliers are increasing. We only purchased a small quantity as outlook remains cloudy, which might indicates high risk.”

Another distributor offered Saudi homo-PP injection at $970/ton with the same term informed, “We only left a small quantity to offer to out regular customers. Buyers have shown great interest in this price level, hence sales are moving very smooth.”

This has created confusion among buyers as suppliers in the previous week claimed achieved healthy number of deals at $1000/ton. Some have speculated that falling local prices and expected improved supply from international suppliers could be the main pressure point this time.

Import homo-PP prices to Vietnam currently stand at $970-1000/ton CIF, LC AS term.