Middle Eastern homo-PP settled higher in Vietnam

Market players reported that a major Middle Eastern producer has opened new homo-PP offers to Vietnam at $50/t higher than last week to reach $1070/t CIF, LC AS term. There are several deals concluded at stable to slightly discount from the initial offers level observed today. 

A trader purchased 100 tons of this cargoes at $1060/t CIF Vietnam, LC AS said, “We have not purchased any cargoes since import offers reached $1020/t level; however, we now place bets on bullish outlook as several regional plants are not having export allocation. We are just a little concern about the ChinaPlast milestone as market normally turn south during this period.”

Another buyer purchased at $1070/t with the same term added, “The supplier has very limited quantity and only offer to selective customers. We expect more hike to come in the near term.”

Import homo-PP to Vietnam currently stand at $1040-1080/t, all based on CIF Vietnam, LC AS term.

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