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After a quiet start earlier this week, couple of traders have decided to increase their homo-PP offers to Vietnam today by $30-35/ton compared to last week claiming limited availability ahead of the maintenance shutdown season. However, market respond is very poor as most buyers are gradually going off for holidays while the firming trend in local market has halted.

A trader offered Saudi’s homo-PP at $1110/ton CIF Vietnam, LC AS term informed, “We have yet to give mass offers to the market but only to certain customers to have a feeling about market’s respond. Buyers are not ready to accept such high prices and we are monitoring further before implement any adjustment.”

Meanwhile, a buyer received offers for a different Saudi homo-PP cargo at $1080/ton with the same term, some $35/ton increased from the last done-deal reported last week. The source informed, “Or supplier informed that this cargoes are arriving soon, however, we are not planning to accept the new price levels.”

Such sudden hike amid weakening demand in nearby China market shy buyers away, especially when local ground started to show signs of stabilisation. Players are taking cautious stance and several buyers have expressed their intention to only make additional purchases at prices no higher than $1050/ton threshold.

Import homo-PP to Vietnam currently stand at $1030-1110/ton CIF Vietnam, LC AS term.