Saudi homo-PP breached below $1150/ton mark in Vietnam

It is reported that a major Saudi Arabia producer has announced fresh homo-PP offers for December shipment to Vietnam at $1150/ton CIF, LC AS term and a number of deals have been reported at $10/ton lower.

Players contributed the breach to the tremendous pressure from competitive non-dutiable Thailand cargoes. A trader decided to proceed with the purchase commented, “We are running low on inventories and looking at the current state of demand in China, it appears that market is nearing the bottom. These cargoes are set to arrive during early February next year and we hope with stronger energy complex and persistent tight availability, especially for coal based cargoes, market would be able to sustain the trend.”

Several other sources have also reported concluding deals at the mentioned price level, reflecting the need to make replenishment among buyers.