Saudi major lifted homo-PP offers to Vietnam

A major Saudi Arabia producer has announced fresh homo-PP offers to Vietnam market today at $20/ton increased compared to the last settlement reported late last month, touching $1030/ton CIF Vietnam, LC AS term.

Market respond towards the latest offer is not as good as expected, and local traders especially show little buying interest claiming weak domestic demand. A buyer commented, “We think it is too early to implement price hike as there has not been any sign of significant improvement in term of demand. Converters might accept to replenish at rollover levels, for traders, there might be strong resistance.” It is also reported that a number of previously purchased cargoes are due to arrive in the near term, which might further burden the already stagnant domestic market.