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It is reported that a major Saudi Arabia producer has stepped back on March shipment PP and PE offers to Vietnam after the hike introduced in the previous week bumped into strong resistance.

The adjusted price list from the producer shows $20/ton reduction for HDPE and LLDPE film, to $1430/ton and $1250-1260/ton respectively. Meanwhile, other grades received a $30/ton cut to $1370/ton for HDPE blow molding, $1290/ton for homo-PP. PP block copolymer witness the largest decrease of $40-50/ton from initial offers to $1310/ton, all based on CIF Vietnam, LC AS term.

The adjusted prices again attract very limited buying interest in the country, as buyers are still carrying comfortable inventories at lower costs. A distributor commented, “We plan to bid for additional $10-20/ton discount. Demand condition is very sluggish and with falling upstream costs, buyers are not confident to enter deals at the moment.”