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Vietnamese buyers reported receiving fresh homo-PP offers from a major Saudi Arabia producer with $10/ton increased from May, reaching $1070/ton CIF Vietnam, LC AS term. Instead of giving large discount like in the previous month, the producer only open to $10/ton reduction from initial offers on deals this time, closing several transactions at $1060/ton wit the same term.

The deal level indicated $20/ton hike compared to mid May with a buyer said, “PP market is firming up. However, Vietnamese buyers are not very eager about making larger buy at the latest prices. Suppliers might continue to implement hike in the near term, yet we think market might start to show resistance soon.”