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It is reported that a major Saudi Arabia producer has announced fresh homo-PP offers to Vietnam with $60/ton increased from earlier this month, reaching $1260/ton CIF Vietnam, LC AS term. The rapid price escalation is attributed to the persistent limited supply, healthy demand from near-by China market and resilient upstream costs.

However, buyers, especially local traders are not showing strong interest in making replenishment at the moment, instead prefer to rely on the existing stock. “Prices are too high at the moment and arrival time is too far. We might only buy a small quantity this time,” a trader said.

Others are complaining about the sluggish local ground and the available of competitive non-dutiable cargoes. Resistance is building up which might prevent the supplier from achieving full hike.