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As regional import homo-PP witness firming trend, a major Saudi Arabia producer announced fresh weekly prices to Vietnam with $20/ton increased from last week, lifting latest offers for yarn and injection grade to $1080/ton CIF Vietnam, LC AS term. Despite resistance from buyers, the producer shows no intention to enter any negotiation claiming healthier margins achieved in other market.

An international trader offers the cargoes on behalf of the producer reported, “Available quantity is very limited and we are firm on the offers. Most non-dutiable cargoes sold in the previous week at competitive prices have not repeated this week and with the absence of Chinese materials, we believed that market shall accept the hike.”

In contrast, buyers are very reluctant to enter deals given competitive parcels in local ground. Traders are offering locally held Saudi homo-PP yarn at VND27,700,000/ton ($1108/ton without VAT), FD Vietnam, cash term. A buyer said, “We are still having quantity on hand and plan to only make replenishment if domestic ground follow the international trend.”