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It is reported that a major Saudi Arabia producer has announced fresh homo-PP offers to Vietnam at $1300/ton for both yarn and injection grade, all based on CIF Vietnam, LC AS term. 

The offers indicated a $15/ton increased compared to last week’s done deal level for injection grade while yarn holds steady. However, the producer reportedly steps back on yarn prices by $5/ton later, sending the latest price for yarn to $1295/ton CIF Vietnam, LC AS term.

The adjusted offers attract little interest from buyers, who are mostly expecting additional reduction in the near term. “Domestic prices for the same cargoes are more competitive at the moment. It appears that the downward pressure on import market still presence and we prefer to adopt a wait-and-see stance,” a converter said.

Locally held homo-PP yarn from the same maker is currently offered at VND33,900,000-34,100,000/ton ($1350-1357/ton without VAT), FD Vietnam, cash equivalent. Buyers are taking the 3 per cent import duties and delivery costs into account when comparing with import prices.

Another converter said, “A number of our previously purchased cargoes is arriving, and therefore, we are in no rush to make replenishment. The upstream energy complex is falling and we are monitoring closely the next development.”