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A major Saudi Arabia producer has decided to step back on their PP and PE offers to Vietnam on the Eve of Eid al-Fitr holidays after facing stiff resistance from buyers. In the latest price given, the maker cut PE prices by $20/ton from initial offer to $1080/ton for both HDPE and LLDPE film, and at $1040/ton for HDPE blow molding, CIF Vietnam, LC AS term. On the other hand, PP prices only witness $5-10/ton drop to $1045/ton for homo-PP and $1070/ton for PP block copolymer, with the same term.

Buyers have yet to show acceptance for the adjusted prices. A market source commented, “We are asking for additional $10/ton discount on both PP and PE to make replenishment and might have to wait until next Thursday for the supplier to give feed back. We are willing to wait.”

A distributor offered on behalf of the producer said, “It is very difficult to attract buyers this month as everyone is not confident about the near to medium term outlook. Higher price cargoes purchased previously just arrives and our customers are asking for discount to balance up the costs.”