CORRECTION: Major Indian producer cut homo-PP prices to China, Vietnam

Market players in China and Vietnam reported on the first trading day of the week that a major Indian producer has adjusted their homo-PP prices down from official offers given last week.

In Vietnam, the producer's latest price stands at $1085/t CIF Vietnam, LC AS term, some $25/t lower than the last opening. Most players in Vietnam are on holiday today, therefore little respond was observed. A market source added, "We think that the downward adjustment is mostly driven by energy market. We might see more activities in Vietnam tomorrow, yet we do expect local prices to move down quicker than import market given the sluggish demand from woven bag makers and comfortable on hand stock from trader side."

In China meanwhile the drop is larger at $30-40/t lower than last week to reach $1000-1010/t CFR China, LC 30 days term. A trader commented, "We are not confident to make fresh purchases amid a series of negative macro news. Local prices continue to dive this morning and this might pressure the import market further in the near term."

*This article has been corrected on the offer level to China. The earlier version stated the producer cut prices by $40/t to reach $1000/t CFR China, LC 30 days term.

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