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It is reported that a major Saudi Arabia producer has cut homo-PP and LLDPE film offers for November shipment to Vietnam by $30-50/ton from initial price list, while claiming to have sold out HDPE film cargoes. The adjusted price list stand at $1150/ton for LLDPE film MI 1, $1170/ton for LLDPE film MI 2 and $1160/ton for homo-PP, all based on CIF Vietnam, LC AS term.

Players are shocked with the large reduction in LLDPE film MI 1 offers though most are still restrain from confirming new order immediately. “We fear that continuous falling ethylene costs would drag the PE market down further, therefore we might only make small buy this time,” a PE buyer said.

Meanwhile, homo-PP cargoes priced at $1160/ton CIF Vietnam seems not very attractive to buyers, especially with non-dutiable Thai cargoes concluded at $1170/ton with the same term earlier today. “We are requesting for another $10/ton discount and currently waiting for the supplier feedback. PP market is relatively firm with limited supply cushion the trend. A good number of deals have been reported, indicating a possibility that market is nearing the bottom,” another buyer added.