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According to market sources, a major Saudi Arabia producer has up-adjusted their PP and PE prices to Vietnam just a day after announced January delivery. In the latest price adjustment, HDPE film surged $60/ton from the initial offers to reach $1200/ton while LLDPE film only inched up $10/ton at $1200/ton, CIF Vietnam, LC AS term. Homo-PP prices added $20/ton while PP block copolymer increased $40/ton to reach $1060/ton and $1130/ton respectively.

One of the explanations for such move is due to the plant issues. As CommoPlast reported last week, Saudi’s PetroRabigh is facing difficulties in bringing its PE line on-stream after 20 days maintenance shutdown since late November. Until today, the troubled plant still remains off-line, according to a source close to the company.

A distributor commented, “We are still collecting bids from customers and buyers are very concern over such large hike in HDPE film price. Thing should come back to normal once the plant obtains stable run rate.”