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It is reported that another Saudi Arabia producer has also announced fresh PP and PE offers to Vietnam for March shipment with relatively large increases compared to last month. The producer’s price list and month on month changes are shown in the following table:

However, market is showing strong resistance toward the latest price list from which a major distributor decided to lower the offers by $10/ton compared to the official prices in order to attract bids. “Our customers are very reluctant in placing bids as many are not confident in the near term market outlook. We are inviting buyers to bids before setting the final level by beginning of next week,” a distributor said.

A buyer active in the PP sector complained about slower end product demand, added, “Dutiable cargoes above the $1300/ton threshold are way above our acceptance level. Market usually soften after ChinaPlas and therefore, we prefer to wait and see.”