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It is reported that a major Saudi Arabia producer announced fresh homo-PP offers to Vietnam with $20-30/ton increased from the pre-holiday level, reaching $1200/ton CIF Vietnam, LC AS term.

Buyers are placing bids at $1180/ton with the same term, yet it does not seems like the suppliers would accept this level. “We are looking at only $10/ton discount from initial offers given the high propylene costs at the moment,” a major distributor commented.

Meanwhile, large-scale buyers have mostly stock up comfortable inventories, hence not showing much interest in the current high offers. As a result, purchasing activities appear to be a little slack, and sentiment might weaken further if market continues to rise ahead of the long Lunar New Year holiday, players said.