Import Saudi homo-PP to Vietnam breached below $950/ton threshold

Vietnamese players reported receiving offers for Saudi Arabia homo-PP injection at the beginning of the week below the $950/ton threshold at $940/ton, CIF Vietnam, LC AS term.

A buyer commented, “We are placing bid at $920/ton and currently waiting for the supplier feedback. We plan only purchase a small quantity as June outlook remains cloudy till now. Domestic market is very weak at the moment therefore we refrain from large buy.”

Another buyer received the offer added that the price is only for homo-PP injection grade and is given to selective customers. The source commented, “This offer indicates another $20/ton reduction from last week done-deal for the same cargoes. We prefer to monitor further development in the upstream market before taking position, as we believed that with several propylene plants restart this week, the supply would improve in the coming month.”

Import homo-PP to Vietnam is currently reported at $940-980/ton, all based on CIF Vietnam LC AS term.