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Saudi's PP and PE concluded with additional discount in VietnamSaudi's PP and PE concluded with additional discount in Vietnam |
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As CommoPlast reported earlier, a major Saudi Arabia producer announced May shipment offers for both PP and PE to Vietnam with $30-50/ton reduction from last month on the back of persistent weak demand across Asia region. While the producer has yet to finalise deal prices, a trader stepped up effort to stimulate buying interest by giving additional discount on deals.
In a latest price announcement to customers, the trader offered another $20/ton discount for both HDPE and LLDPE film to reach $1140/ton and $1150/ton respectively, based on CIF Vietnam, LC AS term. PP cargoes received additional $30/ton cut to $1050/ton for homo-PP and $1120/ton for PP block copolymer with the same term.
Several buyers have expressed intention to replenish PE cargoes at the discounted prices while market still seems reluctant toward PP. A local trader informed, “We plan to replenish some PE cargoes as market appears to have limited room for further reduction. PP on the other hand might slip further under the pressure on competitive Chinese material despite stable local ground.”