Major Saudi maker lifted homo-PP prices to Vietnam

Vietnamese players reported receiving fresh homo-PP offers from a major Saudi Arabia producer with $40/ton higher than last week to reach $1020/ton CIF Vietnam, LC AS term. However, initial market respond toward the new prices is not as strong as expected.

A trader said, “We have replenished sufficient material by now, hence we prefer to temporary withdraw from the market to monitor further development. Local demand is pick up and we hope this trend to sustain the near term.”

Another buyer added, “We are placing bid at $40/ton lower to replenish a small quantity and now waiting for our supplier feedback. General sentiment in the PP market has somehow slowdown a little compared to previous week, as most buyers are comfortable with their stock. Yet, we are not expecting any down trend in the near term in spite of weaker energy values.”

Import homo-PP prices to Vietnam is currently reported at $970-1020/ton CIF, LC AS term.