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According to Vietnamese buyers, a major Saudi Arabia producer has announced fresh weekly homo-PP prices to the country with $10/ton increased from last week, reaching $1080/ton CIF Vietnam, LC AS term for both yarn and injection grade.

Vietnamese buyers are puzzled about the price hike in spite of strong awareness that most Middle Eastern makers have already cleared out stock for June, and that inventoried pressure is minimal now. “However, upstream market including crude oil and propylene is plunging while we see general demand condition across Asia is soft. There is very limited support for continued firming trend at the moment. We expect deals to conclude at stable levels from last week.”